Hedge fund Elliott takes control of Italian soccer club AC Milan

AC Milan logo is seen at the San Siro stadium during the match against Udinese in Milan, September 10, 2016. REUTERS/Stefano Rellandini

(Reuters) - U.S. hedge fund Elliott Management said on Tuesday it has assumed control of indebted Italian soccer club AC Milan and will inject 50 million euros (£44.2 million) to help stabilise the club's finances.

Reuters, citing a source, reported on Monday that Elliott had launched contractual proceedings which could see it become the majority owner of the storied club.