MILAN (March 27): US private equity fund Elliott has rescued former Italian prime minister Silvio Berlusconi's deal to sell soccer club AC Milan, throwing a financing lifeline to Chinese investors who were struggling to complete the transaction. Berlusconi's holding company agreed in August to sell the club for €740 million, including €220 million in debt, to a Chinese consortium. The Chinese consortium, the members of which have yet to be disclosed, has paid €250 million in four tranches to Berlusconi's family investment company, Fininvest. Elliott's financing deal includes a cash injection into AC Milan itself, as well as help for the consortium to close the deal. An additional €50 million would be invested in the club, bringing Elliott's total exposure to about €300 million, a separate source close to the matter told Reuters.

Source: The Edge Markets March 27, 2017 16:30 UTC