MILAN (Reuters) - U.S. hedge fund Elliott Management will inject 120 million euros ($141 million) into the coffers of Italian soccer club AC Milan to reimburse two bonds, a source said on Tuesday.
The payment will essentially cancel the club’s financial debt and further stabilize its balance sheet, the source added.
Elliott, which took over the Serie A team in July, had previously lent the club 128 million euros, underwriting two bonds with average interest rates of around 10 percent.
($1 = 0.8490 euros)
Reporting by Elvira Pollina, writing by Stephen Jewkes