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Elliott Management takes control of AC Milan,sports gist, football gist

Elliott Management takes control of AC Milan
The Serie A club are under new ownership after former owner Li Yonghong failed to repay debts

Elliott Management has taken over control of AC Milan after former owner Li Yonghong failed to repay a €32 million (£28m/$38m) debt.

The sum, which was borrowed from the hedge-fund of company founder and owner Paul Singer, was required to increase capital last month, and legal action has since been taken to repossesses the arrears.

Elliott Management Corporation is a company that specialises in distressed debt acquisitions and has pledged to inject €50m as Milan go through the off-field changes.
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