Chinese David Han Li (R) and Italian Marco Fassone (L), representatives of Chinese consortium Sino-Europe Sports (SES) arrive to finalize the deal with Fininvest, the Silvio Berlusconi’s holding, for the AC Milan’s takeover by Rossoneri Sport Investment Lux, on April 13, 2017 in Milan. AFP PHOTO

US hedge fund Elliott on Wednesday announced that it had taken over Italian giants AC Milan after the club’s Chinese owners failed to repay debt.

The management of Elliot also pledged to inject 50 million euros to stabilise the finances of the club.

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Milan Chinese owner Li Yonghong were given a deadline of Friday to repay 32 million euros, which they missed.