Milan owner Li Yonghong is reportedly on the lookout for new investors to share his financial burden.
According to Reuters, Li is effectively Milan’s only benefactor as “his partners backed out following Beijing’s crackdown on foreign acquisitions, especially in football”.
Consequently, the Chinese businessman would prefer to have another investor on board, given the Rossoneri are expected to turn another loss this year ‘at least’.
Milan owner Li Yonghong is reportedly on the lookout for new investors to share his financial burden.
According to Reuters, Li is effectively Milan’s only benefactor as “his partners backed out following Beijing’s crackdown on foreign acquisitions, especially in football”.
Consequently, the Chinese businessman would prefer to have another investor on board, given the Rossoneri are expected to turn another loss this year ‘at least’.
A spokeswoman for Milan told the news agency that “there was no indication of any potential changes in the club’s ownership.”
Nonetheless, Reuters believes the Diavolo could attract new investors by listing themselves on the Chinese stock exchange within two years, while backers from the country could be tempted “if the authorities soften their stance on foreign investment”.
Li paid €740m to buy Milan from Silvio Berlusconi earlier in the year and approved of a €230m spending spree on new players over the summer, with only Paris Saint-Germain and Manchester City paying out more.
Reuters adds Li’s advisers are also working on refinancing the debt his consortium took on from American private equity fund Elliott Management.
Elliott rescued Li’s takeover of Milan, but at the cost of a €308m loan, with an average interest rate of just below 10 percent, which will have to be paid back by October next year.