Forbes have now reported that Milan are in financial trouble and Yonghong Li could sell the club soon “at a bargain price.”
Forbes have now reported that Milan are in financial trouble and Yonghong Li could sell the club soon “at a bargain price.”
The Rossoneri continue to insist the balance sheets are fine and they will refinance the loan from hedge fund Elliott Management, but after The New York Times and Marca, now Forbes have become the latest foreign media source to claim they have serious problems.
Forbes are considered the leading source on finance, industry and investment.
Their reporter Mike Ozanian put together a summary of the various investigations into the takeover from Silvio Berlusconi and predicted a bleak future.
“Don't be surprised if AC Milan changes hands again soon at a bargain price.
“To me it seems that AC Milan, which will likely miss the lucrative Champions League again next season, will be sold again, sooner rather than later – and for less than what Li paid.
“Another, perhaps more important consideration: where were the soccer authorities when Li was putting pen to paper to buy the team?”
He also points out why Elliott being a ‘vulture fund’ is particularly worrying.
“A vulture fund owing to its tendency to buy up debt owed by failing companies and states including Peru, Congo-Brazzaville and Argentina at knockdown prices – for a loan of €300m, with €180m set aside to help complete the purchase of Milan and the remainder earmarked for buying players.
“Repayment of the whole loan is due in October 2018, with interest rates for the larger sum set at 11.5% and 7.5% for the rest…”