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.”
