Last April, after a long-winded process in which Chinese investors had problems using Chinese funds to buy the club from long-time owner Silvio Berlusconi, businessman Li Yonghong borrowed 300 million euros ($350 million) from Elliott to complete the 740 million-euro deal.
ADVERTISEMENT
AC Milan calls shareholder meeting to confirm American takeover
AC Milan on Thursday called a shareholders meeting for 21 July to rubber stamp the shift in ownership to U.S. hedge fund Elliott Management, Italian media reported.
ADVERTISEMENT
Italian media reported that Li agreed to pay as much as 11 percent interest on some tranches of the loan. After he failed to make a payment of 32 million euros due on July 6, Elliott moved to take control.
Elliott pledged to inject 50 million euros to bring financial stability to the seven-time European champions.
Founder and co-CEO Paul Singer said in a statement: "Financial support, stability, and proper oversight are necessary prerequisites for on-field success and a world-class fan experience."
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Russia and China are much less sneaky than the West - DRC president
10 countries in Africa with the worst press freedom in 2024
FCMB Group sustains growth momentum, profit rises 192.6% in Q1 2024
DBNC 2024 impacts, sets the pace for entrepreneurs
Navigating success: Insights from a leading IT expert
US and French governments are lobbying Nigeria to host their military bases - report
Russian aid arrives in Niger amid growing bilateral ties
Kentucky Derby betting sites 2024: Where to bet on the races online
