It’s reported Milan will be able to present a plan to refinance their debt to Elliott Management within 30-40 days.
Owner Yonghong Li had to borrow money from the hedge fund to complete his takeover of the club, and that must be repaid by October or Elliott can take over the club.
Today there was a brief shareholders’ meeting to approve the change of a bond structure, and MilanNews has a brief account of that meeting.
It’s reported Milan will be able to present a plan to refinance their debt to Elliott Management within 30-40 days.
Owner Yonghong Li had to borrow money from the hedge fund to complete his takeover of the club, and that must be repaid by October or Elliott can take over the club.
Today there was a brief shareholders’ meeting to approve the change of a bond structure, and MilanNews has a brief account of that meeting.
According to the website, Milan are confident of being able to present a refinancing plan in 30-40 days.
That would apply to the €128m owed by the club itself, which carries an interest rate of seven per cent.
It’s thought Li’s debt of €180m, with 11 per cent interest, could prove slightly more complicated to settle.
Nonetheless, David Han Li has assured UEFA of the Rossoneri’s financial stability, with a judgement on a settlement agreement on Financial Fair Play to arrive at the end of this month.
MilanNews also assures that no players will have to be sold for budgetary reasons, with the coming transfer campaign to focus on more experienced players.
Losses to date are said to be €80-90m, with the aim of reducing that to €55-60m by the time of next budget.
UEFA requires losses of no more than €30m within three years to comply with FFP.
However, Champions League qualification next season would see the club break even.