Elliott begin Milan takeover?

by | Jun 21, 2018 18:05

According to Il Sole 24 Ore, Elliott Management have begun their takeover of Milan by paying the €32m capital increase rather than Yonghong Li.

The Chinese patron was to meet another deadline imminently, but the €32m have been sent by US hedge fund Elliott and will be in the club’s bank account tomorrow.

Yonghong Li only managed to buy the club in April 2017 thanks to a massive loan from Elliott Management and that is due to be repaid in full in October.

According to Il Sole 24 Ore, Elliott Management have begun their takeover of Milan by paying the €32m capital increase rather than Yonghong Li.

The Chinese patron was to meet another deadline imminently, but the €32m have been sent by US hedge fund Elliott and will be in the club’s bank account tomorrow.

Yonghong Li only managed to buy the club in April 2017 thanks to a massive loan from Elliott Management and that is due to be repaid in full in October.

It has been increasingly likely he won’t make that repayment and Elliott are already setting the wheels in motion to take over AC Milan.

This is the first step, paying the much-needed €32m to increase the capital and Yonghong Li has 10 days to reimburse them, otherwise the hedge fund will begin taking his assets.

The only alternative open to Yonghong Li now is to find investors quickly and it’s reported he has two offers on the table.

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