FILE PHOTO: 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 has a potential right to take over Italian football club AC Milan if loans it gave to the club's new Chinese owners go into default, according to a source and the club's unpublished 2016 accounts.
The accounts, reviewed by Reuters, show the owners have pledged their newly acquired shares in AC Milan and the club's assets to a vehicle called Project Redblack. The shares held in Project Redblack are in turn pledged to Elliott in the event of default, a source familiar with the matter said.
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