Elliott Management have taken control of AC Milan from Yonghong Li, while Miami FC owner Riccardo Silva is also linked with a takeover bid.
Yonghong Li’s time appears to be up, as he failed to pay the €32m to increase the capital last month and then missed the deadline to repay the loan to hedge fund Elliott Management.
As he is in arrears, Elliott are now taking legal action to repossess his assets, starting from the holding company in Luxembourg that he used to buy the club – with a €303m loan from Elliott in April 2017.
Elliott Management have taken control of AC Milan from Yonghong Li, while Miami FC owner Riccardo Silva is also linked with a takeover bid.
Yonghong Li’s time appears to be up, as he failed to pay the €32m to increase the capital last month and then missed the deadline to repay the loan to hedge fund Elliott Management.
As he is in arrears, Elliott are now taking legal action to repossess his assets, starting from the holding company in Luxembourg that he used to buy the club – with a €303m loan from Elliott in April 2017.
According to La Gazzetta dello Sport, Elliott have effectively already wrested power from Li, because Project RedBlack in Luxembourg have appropriated the shares of Rossoneri Sport Investment Lux.
It’s reported the Board meeting will be at Casa Milan on Saturday July 21, where Elliott Management will formally take power.
They could decide to take action by changing the directors, such as CEO Marco Fassone and director of sport Massimiliano Mirabelli.
Meanwhile, the Financial Times has come up with another new name in the race to buy the club.
It is Riccardo Silva, an Italian businessman who is the co-founder of sports rights agency MP & Silva and co-owner of Miami FC in the NASL division of US soccer.
He is co-owner with Milan legend Paolo Maldini, which prompted inevitable reports of the former defender’s involvement in the takeover.
Other candidates include Rocco Commisso, owner of New York Cosmos, Thomas Ricketts and Monaco patron Dmitry Rybolovlev.