Elliott Ushers in New Chapter at AC Milan
Ownership and control of the holding company that owns AC Milan has today been transferred to funds advised by Elliott Advisors (UK) Limited (“Elliott”). This transfer has occurred as a result of steps taken to enforce Elliott’s security interests after the previous owner of AC Milan defaulted on its debt obligations to Elliott.
Having assumed control, Elliott’s vision for AC Milan is straightforward: to create financial stability and establish sound management; to achieve long-term success for AC Milan by focusing on the fundamentals and ensuring that the club is well-capitalized; and to run a sustainable operating model that respects UEFA Financial Fair Play regulations.
Elliott fully appreciates the challenge and responsibility that ownership of this great institution entails. Elliott is pleased not only to support the club during this difficult time, but also by the challenge of achieving ambitious objectives in the future via the on-field success of coach Gattuso and his players.
As first measures, Elliott intends to inject €50 million of equity capital to stabilize the club’s finances, and plans to inject further capital over time to continue to fund AC Milan’s transformation.
Paul Singer, Founder, Co-CEO and Co-CIO of Elliott Management Corporation said, “Financial support, stability, and proper oversight are necessary prerequisites for on-field success and a world-class fan experience. Elliott looks forward to the challenge of realising the club’s potential and returning the club to the pantheon of top European football clubs where it rightly belongs. Elliott also strongly believes in the value-creation opportunity at AC Milan.”
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $35 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Business Wire
HIGHLIFE-SAS17.1.2019 18:27 | Pressemeddelelse
HighLife Closes a €32 Million Round B Financing
PA-PMI17.1.2019 16:02 | Pressemeddelelse
The Brightline™ Initiative, led by Project Management Institute, to Support The Economist Davos Panel
TN-FEDEX-CORP17.1.2019 15:02 | Pressemeddelelse
FedEx Trade Networks Rebrands as FedEx Logistics
TX-SAILPOINT17.1.2019 15:02 | Pressemeddelelse
SailPoint Names Andrew Kahl as Chief Customer Officer
NY-MSCI17.1.2019 15:02 | Pressemeddelelse
MSCI Schedules Investor Conference Call to Review Fourth Quarter and Full Year 2018 Results
PROMINCOR-LINGERIE17.1.2019 14:02 | Pressemeddelelse
French Lingerie Rocks the World!
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum