Should Man Utd fans be happy about Elliott? How they resurrected AC Milan

Carlo Garganese

• 20 Feb 2023 12:00 GMT
• 4 min read

Over the weekend it was reported that U.S hedge fund Elliott Management Corporation had provided its availability to finance the takeover of Manchester United.

According to the Athletic and others, Eliott have informed Raine, the investment bank handling the process of the takeover, that it is available to provide financing.

If the club is not sold, Elliott have also reportedly offered to provide financing to the Glazers family.

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So should Man Utd fans be happy or concerned by the prospect of Elliott being involved?

Well, there were big concerns among AC Milan fans when Elliott took ownership of their club in 2018.

The billion-dollar American holding company assumed control when Milan’s previous Chinese owner Li Yonghong failed to repay his €300 million loan to the hedge fund.

At that time Milan were in complete disarray on and off the pitch. They were up to their eyeballs in debt with a squad of overpaid players and had just completed a sixth straight season without even qualifying for the Champions League. It had been seven years since they had won the Scudetto.

There were very real fears that Elliott would drive Milan further into the ground. The hedge fund and its founder Paul Singer had a reputation for asset-stripping and an aggressive pursuit of debt repayments. Their decade-long conflict with Argentina after the debt default the country suffered in 2001 was used as an example that getting into bed with Elliott very rarely benefits anyone but Elliott themselves.

However, these fears thankfully proved to be unfounded as Elliott did a magnificent job in rebuilding and resurrecting Milan as a powerhouse of Italian football.

How Elliott restored AC Milan

Elliott massively reduced Milan’s debts, installing a salary ceiling and a transfer policy based around scouting, buying and developing young players rather than established stars.

They also rediscovered the soul of the club by bringing back legend Paolo Maldini in a key director role after years in exile.

There was a clear identity from the top of the Milan pyramid right down to the bottom. They modernised the club and even on the pitch under coach Stefano Pioli they played attacking, high-intensity, high-press football.

Elliott’s transfer policy proved to be a masterstroke as they signed a host of young players who went on to become stars; the likes of Rafael Leao, Theo Hernandez, Fikayo Tomori, Pierre Kalulu, Sandro Tonali and Ismael Bennacer.

Everything was about building a sustainable project.

This resulted in Milan first returning to the Champions League and then winning their first Scudetto in 11 years in 2022 under Pioli.

In total, Elliott invested around €700 million in the club before they sold to RedBird Capital Partners for €1.2 billion in September 2022.

They left Milan in an infinitely healthier state both financially and sportingly.

Ask any AC Milan fan today for their view on Elliott and they will tell you that they are thankful for the job they did.