U.S. fund Elliott to help Chinese investors buy AC Milan with 300 million euros

  • Football
  • Monday, 27 Mar 2017

The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - U.S. private equity fund Elliott is helping a struggling Chinese consortium buy Italian storied football club AC Milan with a 253 million euro (218.61 million pounds) investment, lawyers representing Elliott said on Monday.

In a statement, the lawyers said Elliott would provide 180 million euros to complete the acquisition, and another 73 million euros to help the club face short-term payments.

A source close to the matter said Elliott would provide an additional 50 million euros to be invested in the club, bringing its total exposure to the deal to around 300 million euros.

In August a group of Chinese investors signed a deal to buy the Serie A team from former Italian prime minister Silvio Berlusconi - its owner for the last three decades - in what would be the biggest Chinese investment in a European club.

The deal, which values the club at 740 million euros including 220 million in debt, was originally supposed to close in December. But that deadline has been postponed twice to April 14 as the Chinese investors - whose identity remains largely unknown - failed to gather the necessary funds for the deal.

(Reporting by Giulia Segreti, Elvira Pollina, Maria Pia Quaglia)

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