Multiple reports state Milan owner Yonghong Li has failed to provide the €32m for a capital increase, effectively ceding control of the club to Elliott Management.
The Chinese businessman took over the Rossoneri in April last year, but had to take a loan from Elliott to get the deal over the line.
Under the terms of that loan, the fund can take over in October if they aren’t repaid, but Li had until 17.00 Italian time today to transfer €32m.
Multiple reports state Milan owner Yonghong Li has failed to provide the €32m for a capital increase, effectively ceding control of the club to Elliott Management.
The Chinese businessman took over the Rossoneri in April last year, but had to take a loan from Elliott to get the deal over the line.
Under the terms of that loan, the fund can take over in October if they aren’t repaid, but Li had until 17.00 Italian time today to transfer €32m.
Now Sky Italia, MilanNews, Tuttomercatoweb and others are reporting that the money never arrived.
CEO Marco Fassone will now write to Elliott to secure the money by Monday, effectively ending Li’s ownership of the club.
He has until July 10 to repay it, but considering Yonghong Li also has to pay back the €303m plus interest loan to Elliott Management by October, it seems as if this is the beginning of the end for his tenure.
Meanwhile, David Han Li continues negotiations in New York to find new investors, but at this stage they are expected to be majority shareholders rather than minority figures.