US hedge fund Elliott has taken over Italian giants AC Milan after the club's Chinese owners failed to repay debt, saying the deal opened "a new chapter" for the football institution. Elliott Management Corp vowed to inject 50 million euros (HK$ 459.62 million) to bring financial stability to the seven-time European champions after Chinese owner Li Yonghong missed a deadline to repay 32 million euros. "Having assumed control, Elliott's vision for Milan is straightforward," the hedge fund said.