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AC Milan: Li’s credibility in tatters following Chinese court ruling

AC Milan: Li’s credibility in tatters following Chinese court ruling

  • Jordan Russell (@JordRuss96)
AC Milan president Yonghong Li’s financial credibility has been cast into further doubt after a Chinese court declared Shenzhen-based industrial company Jie Ande bankrupt, which consequently led to the state withdrawing his trading license.
 
Indeed, when he initially purchased the Rossoneri from Silvio Berlusconi in April last year, Li had presented the company as a “safe” asset in order to guarantee he had the requisite financial resources to carry out such a significant transaction.
 
A new investigation has shown that Li agreed to take out loans with interest repayments of more than 20%, such was his desperation to avoid the firm’s assets being seized. It is clear that decision has now backfired on him.
 
Therefore, it comes as no surprise to learn that Elliot are pushing for him to sign his stake in Il Diavolo over to them as they seek to put the club on a solid financial footing once more.
 
Meanwhile, the American fund will provide a further loan of between €35-40 million so that the club has sufficient cash to register for next season’s domestic competitions.