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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The Political Economy of Football V2

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