Report: Li rejected Milan bid

by | May 27, 2018 10:39

Milan’s board are reportedly studying ways to oust the Chinese owners, as Yonghong Li is said to have rejected a €450m takeover bid.

The Rossoneri will be sanctioned by UEFA for Financial Fair Play, with the governing body deciding not to offer them a settlement agreement.

Both the club and owner are in debt to U.S hedge fund Elliott Management, who funded the Chinese takeover last April.

If the fund isn’t repaid by October, they can take control of the running of the club.

Milan’s board are reportedly studying ways to oust the Chinese owners, as Yonghong Li is said to have rejected a €450m takeover bid.

The Rossoneri will be sanctioned by UEFA for Financial Fair Play, with the governing body deciding not to offer them a settlement agreement.

Both the club and owner are in debt to U.S hedge fund Elliott Management, who funded the Chinese takeover last April.

If the fund isn’t repaid by October, they can take control of the running of the club.

Today La Repubblica is reporting that Li rejected a €450m bid from Dubai, thought to be Mohamed Al-Falasi, which would have settled the Elliott debt.

Yonghong Li, Han Li, Lu Bo and Xu Renshuo, the Chinese board members, will not listen to offers below €750m for the Rossoneri.

As a result, CEO Marco Fassone met with Marco Patuano and Paolo Scaroni yesterday to study legal means of isolating the Chinese.

The club is therefore effectively split into two warring factions.

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