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Football 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.

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AC Milan, headquartered in "Casa Milan", is to receive 50 million euros from the hedge fund Elliott play

AC Milan, headquartered in "Casa Milan", is to receive 50 million euros from the hedge fund Elliott

(AFP/File)

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.

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.

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."

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