Milan are reportedly ready to wait until April 4 for Yonghong Li to provide the missing €10m before Elliott Management steps in.
The deadline was yesterday for the Chinese patron to pay the remaining €10m and increase the capital, but there was no sign of the money.
According to the Corriere della Sera, the club’s Board of Directors has decided to wait until April 4 to see if Yonghong Li is able to put together the cash or find a new bank bond.
Milan are reportedly ready to wait until April 4 for Yonghong Li to provide the missing €10m before Elliott Management steps in.
The deadline was yesterday for the Chinese patron to pay the remaining €10m and increase the capital, but there was no sign of the money.
According to the Corriere della Sera, the club’s Board of Directors has decided to wait until April 4 to see if Yonghong Li is able to put together the cash or find a new bank bond.
If that doesn’t happen, then hedge fund Elliott Management are prepared to step in and effectively take over the club.
The Rossoneri need around €35m of capital by June 30 in order to keep the side afloat and register for the next Serie A season.
Financial newspaper Il Sole 24 Ore reported that liquidity at his disposal in China and Hong Kong is running low, as Chinese lenders are cautious about granting further loans.
Yonghong Li was only able to buy Milan with the aid of €180m in loans from Elliott Management, a loan that has to be repaid in full by October.
It is simply not in Elliott’s interests to see the Serie A side go under, as the U.S. hedge fund needs their asset to retain value.