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AC Milan’s financial crisis gets worse as another firm backs out

AC Milan’s financial crisis gets worse as another firm backs out

In a season marked by ups and downs, AC Milan continues to take two steps back for every step forward. As the club begins to pick up it’s play on the pitch, news surrounding the organizations finances continues to get worse.

The latest news comes out of America, once again, where another source of hope for financing appears to have dried up. Li Yonghong and CEO Marco Fassone were hopeful that American financial giant Merrill Lynch would provide them with an influx of cash. However, it’s been revealed that the investment bank wants nothing to do with investing its own money into AC Milan.

With over 380 million euros due to the Elliott Group by October, Fassone has been scrambling to find another firm to lend them the money to pay off the debt. Highbridge Capital’s offer included an exorbitant interest rate (the same issue which vexes the club after the Elliott investment).

Instead of investing money, Merrill Lynch has offered to provide AC Milan with advice (which is a relatively polite way of saying ‘no’).