The Milan “funding is complete” and the takeover closing is set for April 14, confirmed a statement from Silvio Berlusconi’s Fininvest company.
Yonghong Li shut down Sino-Europe Sports today and instead poured all the funds into a new holding company, Rossoneri Sport Investment Lux, based in Luxembourg.
The Milan “funding is complete” and the takeover closing is set for April 14, confirmed a statement from Silvio Berlusconi’s Fininvest company.
Yonghong Li shut down Sino-Europe Sports today and instead poured all the funds into a new holding company, Rossoneri Sport Investment Lux, based in Luxembourg.
Fininvest released a statement this evening confirming that “Rossoneri Sport Investment Lux have perfected the agreements for the disposal of all the necessary funds to finalise the acquisition.
“Following a deep analysis, a new structure has been worked out, completely external to China, to help bring the transaction to a successful conclusion.
“The new entity that has formally taken the place of SES in the operation is Rossoneri Sport Investment Lux, controlled by Yonghong Li.”
There had been difficulties getting the financing for the takeover, as the Chinese Government is clamping down on funds moving out of the country towards Europe.
It was particularly tricky for Yonghong Li, because the vast majority of the funds were in the form of loans from a variety of different companies and offshore accounts.
Now the closing finally seems to be set for April 14, although the complex situation, numerous delays and the presence of only Yonghong Li as shareholder will raise questions among Milan fans for the future of the club.