Paolo Maldini has reportedly been offered a role at Milan, as Elliott Management moves to take over from Yonghong Li.
The Chinese owner missed a deadline to repay €32m provided by the American fund for a capital increase, with the club and owner owing a further €303m.
As a result the hedge fund has begun the process of taking over the club, reports Corriere della Sera, starting by replacing the directors of the holding company.
That process should last between seven and 10 days, after which a new board will be appointed, with the Chinese members removed and an Elliott-approved board appointed.
Li, meanwhile, is expected to go to a court in Luxembourg, arguing he should be due any profit on a subsequent resale, less the money he owes to Elliott.
Meanwhile, MilanNews reports that the fund has been in touch with Paolo Maldini about taking on a technical role within the club.
The Rossoneri legend turned down a role with Elliott, but it appears this time he is giving the proposal serious consideration.
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