Citigroup takes control of EMI

US BANK Citigroup took control of troubled music company EMI from its private equity owner Guy Hands yesterday, finally ending the long ownership saga at the home to Coldplay and the Beatles.

Citigroup, which provided 2.6 billion of debt for the 2007 buyout of EMI, wrote off most of EMI's loans after the investment vehicle set up by Hands' Terra Firma defaulted.

The two sides have clashed in court as Hands struggled to keep hold of the legendary recording label. Following the deal, the company's debt has been cut by 65 per cent from 3.4bn to 1.2bn.