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The Wall Street Journal: AC Milan soccer team taken over by hedge fund Elliott Management

American billionaire Paul Singer’s Elliott Management Corp. promised an initial €50 million cash injection into Italian soccer team AC Milan, providing a much-needed lifeline to the storied team that is fighting a sanction that would keep it out of the Europa League this season.

AC Milan’s new owner said Tuesday that the equity capital — and promises for more down the road — should stabilize the seven-time European champion financially.

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“Financial support, stability and proper oversight are necessary prerequisites for on-field success and a world-class fan experience,” Singer said in a statement.

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