end of the Chinese era for AC Milan, now controlled by the American fund Elliott

End of the Chinese episode for AC Milan: the Elliott fund now controls the prestigious Italian football club that it intends to once again bring to success by ensuring financial stability. Elliott takes control of the club as Chinese investor Li Yonghong has not honored a debt maturing. Li Yonghong had until Friday, July 6 to pay 32 million euros to the US fund that had lent to him for the purchase of the club.

A "new chapter". In a statement released on the night of Tuesday to Wednesday, Elliott announces that with this takeover opens a "new chapter for AC Milan". "Elliott's vision for AC Milan is simple: to create financial stability and establish sound management, to achieve long-term success for AC Milan by focusing on the fundamentals and ensuring that the club is well-capitalized, and lead a sustainable business model that respects UEFA's financial fair play regulations. "

A prestigious list of winners. The difficulties have accumulated in recent months around the Italian club while questions were reinforced about the financial stability of the Chinese consortium having taken over the club in 2017. In search of its glorious past (18 national titles and 7 Champions League ), AC Milan, which spent some € 200 million to recruit players last summer, finished at a disappointing 6th place in the Italian league won by Juventus Turin.

Violation of the rules of financial fair play. The Rossonero club also found itself in UEFA's sights on financial fair play. AC Milan was thus excluded at the end of June of the next Europa League, for which he was qualified, for violation of the rules of this financial fair play, decision against which the Lombard club appealed to the Court of Arbitration for Sport (TAS ), supreme authority on sports justice. Faced with this situation, Elliott emphasizes measuring "the challenge and the responsibility that the property of this great institution represents".