Italian club AC Milan has announced the appointment of former Brazilian World Cup winner Leonardo as the club’s sporting director.

The 48-year-old had two spells for the club during his playing career, and has also worked as a manager at the San Siro during the 2009-2010 season.

“Leonardo’s story at AC Milan is unique, having contributed to some of the club’s great successes as player, coach, and director,” the club said in a statement.

“He will bring back to the team his experience in building up one of the biggest clubs internationally.”

Leonardo’s return days after a takeover of the Serie A giants by US hedge fund Elliott, following the club’s former Chinese owners failing to repay debt.

Elliott Management has pledged to inject €50 million ($59 million) to bring financial stability to once-successful European club.

“Leonardo’s appointment is another sign of Elliott’s commitment to bring in world-class and experienced leaders, who know what it takes to restore AC Milan to greatness,” said Milan chairman Paolo Scaroni.

Scaroni also confirmed that Leonardo “will be in charge of managing the club’s sporting area, including the transfer market.”

On Friday, the Court of Arbitration for Sport had overturned a European ban imposed on AC Milan for by UEFA for violation of its financial fair play rules, calling the punishment “not proportionate”.

“He will have all the financial support he needs to strengthen and rationalise the team within UEFA’s Financial Fair Play framework,” added Scaroni.

AC Milan re-affirmed that further announcements regarding the composition of the club’s management team “will be made in due course”.