Italian businessman Riccardo Silva joined the "growing race" to take over AC Milan, entering talks with Elliott Management over acquiring a stake in "one of Europe's most successful football clubs," according to Ahmed, Sanderson & Fontanella-Khan of the FINANCIAL TIMES. Elliott took effective control over the the club this week after Owner Li Yonghong "failed to meet a deadline to repay a debt installment" worth €32M ($37.6M) to the U.S. hedge fund. Silva, the co-founder of sports rights agency MP & Silva, is in talks over acquiring "at least a minority stake in the Italian club," according to sources. Though Silva is interested in a full acquisition, Elliott is "unwilling to sell a majority stake in the club quickly." The hedge fund believes it can "help increase the value of AC Milan" above the current estimated book value of €380M ($446M), according to people briefed on the discussions. Silva joins a "growing list of potential buyers." Rocco Commisso, an Italian-American cable TV entrepreneur, and the Ricketts family, which owns the MLB Chicago Cubs, have also held recent talks about a takeover of the "troubled" Serie A club (FT, 7/10). REUTERS' Elvira Pollina reported sources said in the past that the hedge fund was "not interested" in managing a football club in the long term, but "might seek to sell it on at a profit after first putting it back into shape." Meanwhile, Li is reportedly "looking for ways to pay back Elliott by bringing in other investors and remain a minority shareholder." It was unclear whether Li has "room to contest the contractual proceedings launched by Elliott" (REUTERS, 7/9).
