Elliott Management plans to inject €50M ($58.4M) of equity capital into AC Milan after the club's former Chinese owners "failed to repay its debt obligations" to the N.Y.-based hedge fund, according to Fontanella-Khan, Sanderson & Ahmed of the FINANCIAL TIMES. The activist investor, "better known for shaking up boards of allegedly mismanaged companies where it owns a minority stake rather than running entire ventures, vowed to create financial stability at the once-venerable Serie A club." It said in a statement, "Having assumed control, Elliott's vision for AC Milan is straightforward: to create financial stability and establish sound management." Elliott added that its goal is "to achieve long-term success for AC Milan by focusing on the fundamentals and ensuring that the club is well-capitalized; and to run a sustainable operating model that respects UEFA Financial Fair Play regulations." The injection comes after Li Yonghong, who acquired the Italian club last year, failed to make a €32M ($37.4M) payment which was due to Elliott last Friday. Elliott's takeover of AC Milan also follows "multiple failed attempts" by Li to sell the club to "several potential" int'l suitors (FT, 7/10).
