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The Wall Street Journal: U.S. hedge fund Elliott backs Chinese deal to buy AC Milan soccer club

MILAN—U.S. hedge fund Elliott Management Corp. has agreed to provide part of the financing for Chinese investor Yonghong Li’s deal to buy Italian soccer team AC Milan, according to people familiar with the matter.

The development revives hopes of closing the deal signed in August to buy the team, which is owned by former Italian premier Silvio Berlusconi, valuing it at €740 million ($804 million). That transaction nearly fell through due to tighter capital controls recently introduced by Beijing.

On Monday, Elliott—which already has a record in sports deals—and Li’s investment vehicle Rossoneri Lux agreed on €253 million of financing, one of the people said.

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