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Elliott gave financial aid to Chinese businessman Li Yonghong last year
The US hedge fund Elliott initiated contractual proceedings that could give it powers to decide of the future of the Italian football club indebted AC Milan. 19659003] Elliott provided financial badistance to Chinese businessman Li Yonghong last year to complete the acquisition of the Serie A club by former Italian Prime Minister Silvio Berlusconi.
Subsequently, the fund lent him additional funds to finance
Elliott also made his contribution last month when Li failed to materialize the final capital injection established in terms of the purchase agreement.
When Li was unable to repay his debt to Elliott last Friday, paved the way for Monday to begin the process by which the fund appoints its own directors to f A source with a Luxembourg-based company that oversees the AC Milan, taking effective control of the club.
The source added that in a final step, the process could soon lead the US fund to become the majority owner of the funds. seven times European champions
Other sources close to the record have already stated that the hedge fund was not interested in running a football club for a long time but that it could try to sell it for profit once he's recovering something from his old club. Shine
Meanwhile, Li is looking for ways to repay his debt to Elliott by attracting other investors and remaining a minority shareholder, according to a second source.
The Chinese entrepreneur is looking for new investors to share the heavy financial burden of the club's deficit, which was banned last month from participating in the European League because of financial irregularities. [19659003] The club reportedly closed the fiscal year-end at the end of June with a loss of $ 88 million, according to a source in Reuters
The AC Milan representatives declined to comment, while Li n & rsquo; Could be located.
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