Latest: Milan could be repossessed by their creditors
If the new owners are unable to come up with the funds to pay off their debts, the Elliot fund will end up taking over the club instead. The American fund had loaned Li Yonghong and the new investors €300 million at a high rate, up to 11.5%.
Milan’s board has still confirmed that the club will be sold on April 14th, but this is hardly the first time that the sale has been postponed.
The club’s buyers have struggled to come up with the €620 million their promised to pay to acquire the Rossoneri last summer.
Even Italy’s Central Bank has intervened, Berlusconi’s lawyer, Niccolò Ghedini, having to provide documentation proving that the €250 million received until now is legitimate.
It gets more complicated: beyond having to pay Elliott €30 million a year in interest, Li YongHong will now be made to confirm Milan’s Financial Fair Play viability to UEFA in the next two days. He can postpone this deadline by up to two weeks.