Reports in the USA say an American hedge fund is providing €253m of the money needed to buy Milan.
Silvio Berlusconi had agreed to sell the club to Chinese consortium Sino-Europe Sports, but founder Li Yonghong dissolved the group.
Instead, a new group called Rossoneri Sport Lux was set-up to complete the deal, in part because of the difficulty of moving money out of China.
Reports in the USA say an American hedge fund is providing €253m of the money needed to buy Milan.
Silvio Berlusconi had agreed to sell the club to Chinese consortium Sino-Europe Sports, but founder Li Yonghong dissolved the group.
Instead, a new group called Rossoneri Sport Lux was set-up to complete the deal, in part because of the difficulty of moving money out of China.
According to the Wall Street Journal, €253m of the money is being provided by Elliott Management Corp, a U.S. hedge fund.
Of that money, €180m will be used to actually buy the club from Berlusconi’s holding company, Fininvest. The rest will be used to cover the Diavolo’s debts.
Elliot reportedly has other investors who will contribute to the investment, but they have not yet been revealed.
The closing is set for April 14.