According to the latest reports, Sino-Europe Sports hope to complete the Milan takeover with €200m on loan from Elliott Management Corporation.
The closing has been repeatedly postponed due to a lack of funds and SES were meant to hand over a new €100m deposit by last night, but only €50m arrived with financial guarantees on another €50m.
This would prompt the Rossoneri to give Sino-Europe Sports until April 14 to come up with the remaining €160m for the closing.
According to the latest reports, Sino-Europe Sports hope to complete the Milan takeover with €200m on loan from Elliott Management Corporation.
The closing has been repeatedly postponed due to a lack of funds and SES were meant to hand over a new €100m deposit by last night, but only €50m arrived with financial guarantees on another €50m.
This would prompt the Rossoneri to give Sino-Europe Sports until April 14 to come up with the remaining €160m for the closing.
According to Italian financial paper Il Sole 24 Ore, American hedge fund Elliott Management Corporation have been drafted in to help with a loan worth €150m-€200m.
Sino-Europe Sports chief Yonghong Li would then find the rest of the cash through a series of loans, funnelled through offshore accounts.
The patchwork status of the funding for this takeover is raising some very serious questions over the Chinese group and their financial stability.
Milan President Silvio Berlusconi reiterated today he is prepared to keep hold of the club if this closing falls through.
"I am here, my family too," Berlusconi said. "We will only proceed with the sale of the club as long as all the financial commitments are there to revive the club.
"The Chinese side of the deal has been affected by some unexpected problems but they have made sizeable deposits.
"We are ready to respect our commitments and we continue to believe the buyers will respect theirs.
"If in the end the operation doesn't go well, we will continue and we will work to build a young, Italian team."