Two separate U.S.-based sports investors are preparing bids to buy AC Milan as the club is "on the verge of being taken over by Elliott Management, after its Chinese owner failed to meet a deadline to repay debt to the hedge fund," according to Fontanella-Khan, Sanderson & Ahmed of the FINANCIAL TIMES. Sources said that Rocco Commisso, an Italian-American cable TV entrepreneur and owner of North American Soccer League side New York Cosmos, and the Ricketts family, which owns the MLB Chicago Cubs, are "expected to present plans to take over the troubled" club. One person added that the U.S. investors were "hopeful that with Elliott taking control of AC Milan it would be easier to negotiate a deal." Commisso has already made two offers to buy AC Milan but both were turned down by Li Yonghong, the Chinese entrepreneur who acquired the club last year from Silvio Berlusconi for €740M. Two people briefed on the investors' interest in AC Milan said that Li was "stalling on selling the club as he was also holding parallel talks with some Asian and Russian investors." Both a spokesperson for Elliott and a spokesperson for Li's advisers declined to comment (FT, 7/8). REUTERS' Elvira Pollina reported Elliott gave Li's vehicle, Rossoneri Sport Investment Luxembourg, a €180M "lifeline" last year to complete the purchase of the club. The fund also lent around €128M to the team "to fund the acquisition of players and repay the club's debt with banks" (REUTERS, 7/6).
