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    AC Milan's new owners

    So, this does not seem like a great development...

    Elliott Management has promised to inject 50 million euros ($66 million) in capital after taking over Italian club AC Milan.

    It says former owner Li Yonghong missed Friday’s deadline to repay part of a loan worth more than 300 million euros from the U.S.-based hedge fund.

    Elliott says it has repossessed Li’s assets starting with the holding company in Luxembourg that he used to buy seven-time European champion Milan in April 2017.

    A statement from Elliott says: “Ownership and control of the holding company that owns AC Milan has today (Tuesday) been transferred to funds advised by Elliott … after the previous owner of AC Milan defaulted on its debt obligations to Elliott.”

    The fund had been expected to sell the club on but the statement adds that on top of the 50 million euros “to stabilize the club’s finances,” it also “plans to inject further capital over time to continue to fund AC Milan’s transformation.”

    #2
    It isn't ideal, but may well be better for Milan than the debacle that the sale to "Mr Li" turned out to be.

    As always, Elliott is looking to "monetise its investment" and has no real interest in running the club. Both Rocco Commisso (the Italian-American cable television tycoon who owns New York Cosmos) and the Ricketts Family (the financial services tycoons who own the Chicago Cubs) are reported to be eager to deal with Elliot, as their previous attempts to buy the club directly from Li were extremely frustrating. And now Riccardo Silva (a major player in television rights for football and owner of Miami FC, who is originally from Milan) has come up as another potential investor.

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