According to financial experts Bloomberg, Sino-Europe Sports have lost the backing of Haixia Capital Management, leaving just Yonghong Li to buy Milan.
The takeover has been delayed repeatedly due to a lack of funds and the ever-changing group of investors behind SES remains mysterious.
A third €100m deposit is expected to be paid today, taking the total sum already invested to €300m, with the closing hopefully on April 7.
According to financial experts Bloomberg, Sino-Europe Sports have lost the backing of Haixia Capital Management, leaving just Yonghong Li to buy Milan.
The takeover has been delayed repeatedly due to a lack of funds and the ever-changing group of investors behind SES remains mysterious.
A third €100m deposit is expected to be paid today, taking the total sum already invested to €300m, with the closing hopefully on April 7.
Today Bloomberg reported that the situation is still very much in flux, as Sino-Europe Sports have apparently “lost the backing of its state-owned partner, leaving businessman Li Yonghong to find a way to complete the deal on his own, people familiar with the matter said.
“Haixia Capital Management Co. will no longer be an investor in Sino-Europe Sports Investment Management Changxing Co. after regulators at home stepped up criticism of sports deals, the people said, asking not to be identified because the talks are confidential.
“Haixia Capital may stay attached to the group in some capacity, one of the people said.”
This would fit with what reporter Pasquale Campopiano has said, which is that Haixia will be involved in a different role, because chairman Lu Bo is named on the ‘new’ Milan Board of Directors.
The €300m handed over is non-refundable and there is also a hefty fine if SES pull out of the total €740m deal.
“Chinese authorities have blocked Sino-Europe Sports from transferring funds out of mainland China to buy AC Milan, people with knowledge of the matter said in February,” continued the Bloomberg report.