Elliott assumes ownership of AC Milan

Entertainment | Milan, Italy

Elliott Advisors has taken control of AC Milan, after the football club's former owner failed to repay its debts. The team, which was bought by Chinese businessman Li Yonghong last year, will receive a €50 million equity injection from Elliott to stabilise its finances. AC Milan has been banned from participating in next season's 'Europa League' tournament by European football's governing body, UEFA, after breaching financial fair play rules.

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