Hedge fund to take over at AC Milan

AC Milan is on the verge of being taken over by Elliott Management, after its Chinese owner Li Yonghong failed to meet a deadline to repay debt owed to the hedge fund. €32m of a high interest loan was due for repayment on Friday. The change in control should take less than a week to be made official under Luxembourg law under which the loan deal was struck.

Two American investors are interested in buying the club. Rocco Commisso is an Italian-American cable television entrepreneur and owns the New York Cosmos. The Ricketts family owns the Chicago Cubs baseball team. Mr Li has been stalling on selling the club as he was holding talks with some Asian and Russian investors.

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Fulham requires big funding from owner

After lengthy delays, Fulham’s shiny, new Riverside Stand has finally opened, creating “a unique Thameside destination with first class facilities for supporters and partners on match days, as well as for the wider community year-round”. This ambitious project has increased Craven Cottage’s capacity by around 4,000 to 29,600, while it has also taken advantage of the club’s fantastic location and wealthy catchment area by including two Michelin star restaurants, a rooftop swimming pool, corporate hospitality and event space, all benefiting from views of the Thames. Chief executive Alistair Mackintosh observed, “Fulham is the sort of club that can have a business class or first class and have fans that turn left on a plane.” Indeed, there is also an exclusive members club – with a football season ticket as an optional extra. It’s fair to say that “the times they are a-changing”, as this is a long way from the traditional pie and a pint. However, in a world where clubs face the tw...

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Threat of financial calamity removed from Baggies

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The Political Economy of Football V2

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