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Elliott Launches Action to Take Control of AC Milan

(Reuters) U.S. hedge fund Elliott has launched contractual proceedings that could give the investment company the powers to decide the future of indebted Italian soccer club AC Milan, a source familiar with the matter said on Monday. Elliott gave a financial lifeline to Chinese businessman Li Yonghong last year to complete the acquisition of the Serie A club from former Italian prime minister Silvio Berlusconi.

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