Elliott Management is reportedly close to taking control of Milan after Li Yonghong failed to honour his €32m cash injection.
Li has until the end of Friday to pay up, but Reuters does not expect the situation to change.
Elliott intervened after Li failed to fund Milan’s last capital increase, which was due on June 22.
Consequently, the news agency claims another no-show has allowed the American hedge fund to replace the Chinese businessman as the Rossoneri’s owner.
Elliott Management is reportedly close to taking control of Milan after Li Yonghong failed to honour his €32m cash injection.
Li has until the end of Friday to pay up, but Reuters does not expect the situation to change.
Elliott intervened after Li failed to fund Milan’s last capital increase, which was due on June 22.
Consequently, the news agency claims another no-show has allowed the American hedge fund to replace the Chinese businessman as the Rossoneri’s owner.
Li financed his purchase of Milan last year with a €308m loan from Elliott, which must be repaid with interest by October.