Yonghong Li has 24 hours to pay back the €32m to Elliott Management, but it’s reported Rocco Commisso faces competition from a mystery Asian buyer for Milan.
The President is reaching the crunch moment for his status as owner of Milan.
On Friday evening, he has to repay the €32m that US hedge fund Elliott Management put forward to increase the capital after Li missed the deadline a couple of weeks ago.
Yonghong Li has 24 hours to pay back the €32m to Elliott Management, but it’s reported Rocco Commisso faces competition from a mystery Asian buyer for Milan.
The President is reaching the crunch moment for his status as owner of Milan.
On Friday evening, he has to repay the €32m that US hedge fund Elliott Management put forward to increase the capital after Li missed the deadline a couple of weeks ago.
If he doesn’t then the hedge fund can effectively begin the process of repossessing the club, seeing as Yonghong Li already has to pay back €380m to Elliott in October.
According to Sky Sport Italia, Yonghong Li intends to hand over the €32m right on the deadline and buy himself time to continue negotiations for the sale of 70 per cent of his shares.
Mediacom founder Rocco Commisso had been in pole position for the takeover, but the Corriere della Sera and Sky Sport Italia suggest this evening that there is another mystery Asian investor who has been holding hidden talks for weeks.
The Ricketts family in America, who own the Chicago Cubs, also remain in the running.
It seems as if Yonghong Li is again determined to keep hold of Milan and extend the period of uncertainty well into pre-season.
Considering they failed Financial Fair Play tests and were excluded from the Europa League by UEFA, it is a very risky tactic and one that is increasingly frustrating to Rossoneri supporters.