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AC Milan officially taken over by Elliot Advisors(UK) Limited

AC Milan officially taken over by Elliot Advisors(UK) Limited
Elliott Advisors (UK) Limited have officially taken control of AC Milan after Li Yonghong's Rossoneri Lux company defaulted on its debt repayment obligations.

The asset management group confirmed the ownership change in a statement on Tuesday, which explained how they have also injected €50 million of equity capital into the Italian club to "stabilise the club's finances."

"Having assumed control, 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-capitalised; and to run a sustainable operating model that respects UEFA Financial Fair Play regulations.

"Elliott looks forward to the challenge of realising the club's potential and returning the club to the pantheon of top European football clubs where it rightly belongs. Elliott also strongly believes in the value-creation opportunity at AC Milan."

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