Serie A: US investment fund Elliott Management takes control of AC Milan

"Elliott ushers in a new chapter and assumes control of AC Milan," announced the US investment fund Elliott Management on 10/07/2018. To buy the Milan club from Fininvest (Berlusconi family holding company) for €740m in April 2017, Rossoneri Sport Investment Lux, the Luxembourg holding company, and its Chinese representative Li Yonghong (who became the club's president) had taken out a loan in surplus of €300m from Elliott Management, not including a mandatory capital increase in the club of €32m on 06/07/2018, which the new majority shareholder of AC Milan has not been able to honor.

"This transfer (of ownership and control) has occurred as a result of steps taken to enforce Elliott's security interests after the previous owner of AC Milan (Rossoneri Sport Investment Lux) defaulted on its debt obligations to Elliott," said the American fund.

"Elliott's vision for AC Milan is straightforward: to create financial stability and establish sound management; to achieve long-term success for AC Milan by focusing on the fundamentals and ensuring that the club is well-capitalized; and to…