Rocco Commisso is reportedly pushing to close a deal for Milan by the weekend, paying €500m for the club and covering the Elliott Management debt.
The owner of the NY Cosmos and the Mediacom cable and broadband company has emerged as the main contender to invest in the Rossoneri, but he wants full control of the club.
Rocco Commisso is reportedly pushing to close a deal for Milan by the weekend, paying €500m for the club and covering the Elliott Management debt.
The owner of the NY Cosmos and the Mediacom cable and broadband company has emerged as the main contender to invest in the Rossoneri, but he wants full control of the club.
Current patron Yonghong Li appears to be struggling financially, and the latest €32m instalment in the capital increase had to be paid by Elliott, the U.S hedge fund which loaned him the money for the takeover.
Now both Sky and Il Sole 24 Ore are reporting that Commisso wants to close a deal for the club, which he values at €500m, by the weekend.
He would repay the most recent €32m debt to Elliott, as well as the debt owed by the club – not Li – to the hedge fund.
Commisso would inject around €150m into the club, according to Il Sole 24 Ore.
However, both sources report that he wants to do a deal by the weekend, and is not interested in getting into a bidding war.
Il Sole 24 Ore believes that could well see the deal collapse, or at least put it in serious jeopardy.