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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 Europe

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.”