Italian businessman Riccardo Silva has joined the growing race to take over AC Milan, entering talks with Elliott Management over acquiring a stake in one of Europe’s most successful football clubs. Elliott took effective control over the the club this week, after Li Yonghong, its Chinese owner, failed to meet a deadline to repay a debt installment worth €32m to the US hedge fund.

Mr Silva, the co-founder of sports rights agency MP & Silva and co-owner of the Miami FC football club in the United States, is in talks over acquiring at least a minority stake in the Italian club, according to several people familiar with the talks. Though Mr Silva is interested in a full acquisition, Elliott is unwilling to sell a majority stake in the club quickly. The hedge fund believes it can help increase the value of AC Milan above the current estimated book value of €380m, according to people briefed on the discussions.