Elliott will take over Milan, Li fails in quest for €32m

09 July at 14:45
Li Yonghong has failed in his bid to keep hold of AC Milan. He has been unable to come up with the €32 million he needed to give back to the Elliott Fund.
 
His plan had been to involve Dmitry Rybolovlev, AS Monaco’s owner. The Russia was confident of his ability to take over the Rossoneri and keep Li in the club, but Il Sole 24 Ore reveal that Elliott exercised their veto.
 
The fund - who originally lent Li €300m at high interest in order to buy the club last summer - is now set to take over the club, despite Jorge Mendes’ attempt at getting Ryboblev involved.
 
Paul Singer’s fund is now going to turn to Luxembourg in order to take control of the club. The next step is to take over Rossoneri Lux, the holding company, before getting rid of the current board of directors and nominate a new one.
 
Milan fans thought they were in for some good news a few weeks ago. Now, their future is in turmoil.
 

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