Former Milan President Yonghong Li has again criticised Elliott Management, won’t rule out a return and said Rocco Commisso’s takeover offer was “an insult.”
The Chinese businessman purchased AC Milan from Silvio Berlusconi in April 2017, but only did so thanks to a high-interest €303m loan from US hedge fund Elliott Management Corporation.
When Yonghong Li defaulted on the loan repayments, Elliott effectively repossessed the club as an asset in July 2018 and have been running the Serie A giants ever since.
Former Milan President Yonghong Li has again criticised Elliott Management, won’t rule out a return and said Rocco Commisso’s takeover offer was “an insult.”
The Chinese businessman purchased AC Milan from Silvio Berlusconi in April 2017, but only did so thanks to a high-interest €303m loan from US hedge fund Elliott Management Corporation.
When Yonghong Li defaulted on the loan repayments, Elliott effectively repossessed the club as an asset in July 2018 and have been running the Serie A giants ever since.
“AC Milan was more than just an investment for me. It was my passion. So yes, it was tough when AC Milan was taken from me,” Yonghong Li told SempreMilan.com.
“As you know it’s a long story but my business associate, David Han, spoke to Forbes about it a few months ago. I’m sure you know my views on Elliott Management. I don’t think that the firm saw or will ever see the club as I see it. Elliott has other motivations and its background speaks for itself.
“Ivan Gazidis has a tough task to carry out. I don’t want to complicate it by saying what he is doing is right or wrong. Although, looking at the results, it is clear to me that something ought to change.”
Fiorentina owner Commisso confirmed that he made a proposal to purchase Milan from Yonghong Li just before the loan repayment default, so why wasn’t it accepted?
“What Commisso offered was a joke and an insult to us, especially to such an important club as AC Milan, regardless of whatever he said in the press. Maybe he was misled by his advisors who were potentially really arrogant and ignorant.
“We didn’t want to waste our time when we had more important things to do and better offers to negotiate. President Berlusconi was sad when he sold Milan, like me.”
There are many factions within the Milan fanbase, including some who might prefer Yonghong Li to return.
“I don’t want to speculate on the future! AC Milan will forever be a part of who I am, and I will always cherish it. Like I said, I am honoured to have the support of the fans. Milan will always be in my heart and I will always be listening to what they have to say.
“I thoroughly enjoy reading their comments on my Twitter profile, and I will make a better effort as time goes on, and get better at using it, to respond to more of them individually.”