MILAN (Reuters) - U.S. private equity fund Elliott is helping a struggling Chinese consortium buy Italian storied football club AC Milan with a 253 million euro (218.61 million pounds) investment, lawyers representing Elliott 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. 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.

Source: The Star March 27, 2017 12:11 UTC