AC Milan soccer team taken over by hedge fund Elliott Management

American billionaire Paul Singer’s Elliott Management Corp. promised an initial €50 million cash injection into Italian soccer team AC Milan, providing a much-needed lifeline to the storied team that is fighting a sanction that would keep it out of the Europa League this season.

AC Milan’s new owner said Tuesday that the equity capital — and promises for more down the road — should stabilize the seven-time European champion financially.

“Financial support, stability and proper oversight are necessary prerequisites for on-field success and a world-class fan experience,” Singer said in a statement.

Singer’s hedge fund, Elliott Management, took over the team after the previous owner defaulted on its debt payments. The New York hedge fund helped finance the team’s sale last year, ending three decades of ownership under former Italian Prime Minister Silvio Berlusconi and turning control of the team to Chinese businessman Yonghong Li.

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