AC Milan on Thursday called a shareholders meeting for 21 July to rubber stamp the shift in ownership to U.S. hedge fund Elliott Management, Italian media reported.
Last April, after a long-winded process in which Chinese investors had problems using Chinese funds to buy the club from long-time owner Silvio Berlusconi, businessman Li Yonghong borrowed 300 million euros ($350 million) from Elliott to complete the 740 million-euro deal.
Italian media reported that Li agreed to pay as much as 11 percent interest on some tranches of the loan. After he failed to make a payment of 32 million euros due on July 6, Elliott moved to take control.
Elliott pledged to inject 50 million euros to bring financial stability to the seven-time European champions.
Founder and co-CEO Paul Singer said in a statement: “Financial support, stability, and proper oversight are necessary prerequisites for on-field success and a world-class fan experience.”