Deals
Elliott Plans to Hold Onto AC Milan, Plot Turnaround
- Activist fund has no near-term plans to sell Italian club
- Singer’s hedge fund took control of club earlier this week
AC Milan
Photographer: Emilio Andreoli/Getty Images EuropeThis article is for subscribers only.
Elliott Management Corp., the investment firm run by billionaire Paul Singer, plans to hold onto AC Milan and run the Italian football club alone -- at least until it’s back on solid footing, according to people familiar with the matter.
The New York-based hedge fund said Tuesday it had taken control of AC Milan, after the club’s Chinese owner defaulted on its debt obligations. Elliott said in a statement its goal was to “achieve long-term success for AC Milan by focusing on the fundamentals and ensuring the club is well-capitalized.”