(Corrects first paragraph to clarify lawyers represent AC Milan
and top Chinese investor in consortium, not Elliott)
MILAN, March 27 U.S. private equity fund Elliott
is helping a struggling Chinese consortium buy Italian storied
soccer club AC Milan with a 253 million euro investment, lawyers
representing AC Milan and the main Chinese investor in the
consortium said on Monday.
In a statement, the lawyers said Elliott would provide 180
million euros to complete the acquisition, and another 73
million euros to help the club face short-term payments.
A source close to the matter said Elliott would provide an
additional 50 million euros to be invested in the club, bringing
its total exposure to the deal to around 300 million euros.
In August a group of Chinese investors signed a deal to buy
the Serie A team from former Italian prime minister Silvio
Berlusconi - its owner for the last three decades - in what
would be the biggest Chinese investment in a European club.
The deal, which values the club at 740 million euros
including 220 million in debt, was originally supposed to close
in December. But that deadline has been postponed twice to April
14 as the Chinese investors - whose identity remains largely
unknown - failed to gather the necessary funds for the deal.
(Reporting by Giulia Segreti, Elvira Pollina, Maria Pia