With Elliott Management ready to take over from Yonghong Li, speculation is rife over what comes next for Milan.
The President failed to meet yet another deadline, this time to repay the €32m that he had already missed last month for the increase in capital.
As he now owes Elliott Management Corporation €425m, the American hedge fund can begin the process of repossessing his assets.
With Elliott Management ready to take over from Yonghong Li, speculation is rife over what comes next for Milan.
The President failed to meet yet another deadline, this time to repay the €32m that he had already missed last month for the increase in capital.
As he now owes Elliott Management Corporation €425m, the American hedge fund can begin the process of repossessing his assets.
It should be noted that they’d only need to repossess the Luxembourg-based holding company rather than AC Milan itself, but the end result would be the same.
Yonghong Li had been in negotiations with several potential buyers, above all Rocco Commisso, but it seems as if Elliott are not inclined towards the Mediacom owner.
A more likely candidate would be Thomas Ricketts, whose family runs the Chicago Cubs and who had also been in talks with Li.
Stephen Ross is another option, patron of the Miami Dolphins American Football team.
There were mystery Russian and Arab figures mentioned too, but the Corriere della Sera notes that now Elliott are pulling the strings, they can open up to other buyers.
The club as it stands now would cost considerably less than the €740m Yonghong Li paid to purchase Milan from Silvio Berlusconi in April 2017.
With that in mind, La Stampa newspaper suggests Elliott might want to run the Serie A side for a year and increase its value before selling on, perhaps with the introduction of €150m to keep the club going.
Their only transfers so far this summer have been free agents and it looks as if that’ll be the case throughout the summer, along with loan deals.
That could mean a change of CEO, scrapping Marco Fassone and director of sport Massimiliano Mirabelli in favour of Umberto Gandini.
It’d be a return for Gandini, who spent 23 years at Milan before walking away to become chief executive of Roma in 2016.