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AC Milan announced that Paolo Scaroni, former general manager of the Italian oil group Eni and current vice president of investment bank Rothschild, temporarily took office as club director and CEO after acquisition of US hedge fund Elliot. Marco Vasoni, general manager of the club appointed by former Chinese owners last year, resigned immediately.
The American hedge fund, known as Elliott, took over the indebted club of Chinese businessman Lee Yong-hong, who bought it with the company. Elliott's help from former Italian Prime Minister Silvio Berlusconi, but could not pay off his debts.
The Elliott fund has pledged 50 million euros to help stabilize the club's finances, prompting the Court of Arbitration for Sport to overturn the decision of the European Union to deny the club the opportunity to participate in the European League because of deteriorating financial conditions.
The American hedge fund, known as Elliott, took over the indebted club of Chinese businessman Lee Yong-hong, who bought it with the company. Elliott's help from former Italian Prime Minister Silvio Berlusconi, but could not pay off his debts.
The Elliott fund has pledged 50 million euros to help stabilize the club's finances, prompting the Court of Arbitration for Sport to overturn the decision of the European Union to deny the club the opportunity to participate in the European League because of deteriorating financial conditions.
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