The Association of Milan Small Shareholders have sent a strongly-worded letter urging Yonghong Li to “unequivocally prove his financial stability or step aside.”
President Yonghong Li has been increasingly under fire, especially after missing the deadline to pay €32m to raise the capital, so US hedge fund Elliott Management – to whom Li owes €380m in October – had to step in.
He has until July 6 to repay it or Elliott will effectively begin to repossess his assets – specifically AC Milan.
The Association of Milan Small Shareholders have sent a strongly-worded letter urging Yonghong Li to “unequivocally prove his financial stability or step aside.”
President Yonghong Li has been increasingly under fire, especially after missing the deadline to pay €32m to raise the capital, so US hedge fund Elliott Management – to whom Li owes €380m in October – had to step in.
He has until July 6 to repay it or Elliott will effectively begin to repossess his assets – specifically AC Milan.
Meanwhile, negotiations for a takeover from US billionaire Rocco Commisso have also hit problems and UEFA excluded the Rossoneri from Europe for Financial Fair Play violations.
Now the Association of Milan Small Shareholders have had enough and sent an open letter to Yonghong Li.
“Even if the UEFA sentence was disproportionate compared to previous verdicts and punished the club for violations on the break-even rules made by previous owner Silvio Berlusconi, it is obvious that the situation requires a very fast and definitive clarification of the ownership.
“Already a few weeks ago the Association of Milan Small Shareholders sent an open letter to the majority shareholder – which received no reply – asking him to either reassure us of his financial and planning capabilities to lead the club or step aside.
“Now that the UEFA sentence, even if it is softened on appeal to the CAS, forces the club leaders to deal with an even more careful strategy going forward for the medium-to-long-term, we again raise our appeal for the last time.
“Rossoneri Sport Investment Lux must prove unequivocally and definitively that they have the financial stability to guarantee refinancing the debts owed in October that after all have the club shares as collateral and represent a clear and sustainable project capable of relaunching the club as part of the world elite.
“Otherwise, we hope our majority shareholder can show the sense of responsibility and proof he has the interests of the Rossoneri supporters at heart by concluded the sale as soon as possible and allowing transfer of power to someone who can guarantee Milan the future that it and its fans deserve.”