AC Milan, Yonghong Li probed for false accounting

20 lug 2018

Whilst AC Milan are celebrating their ‘return’ in Europa League (READ THE DETAILS), their previous president and owner Yonghong Li is facing under investigation for false accounting in the acquisition of the seven-time European champions last year, Ansa reports.

The Chinese entrepreneur bought AC Milan in April 2018 for € 740 million ( 300 million were borrowed by Elliott) but Yonghong Li failed to maintain the agreement with the American Fund and lost control of the club when he didn’t deliver a € 32 million cash injection last month.

Italian authorities want to know why the Chinese entrepreneur has wasted an investment of more than € 700 million for a payment of just € 32 million.

Li failed to sell AC Milan last month and Elliott has now taken over at the club with a new board od directors that will take place tomorrow when Paolo Scaroni will be named new AC Milan president.