Middle Eastern investors scared off by AC Milan tax investigation
The Italian government is looking into a number of irregularities surrounding the sale to Chinese controlled Aldo Rossi Group last year. The 740 million euro sale, and subsequent 200 million euro summer player spending spree, had to be financed by outside lenders at exorbitant interest rates.
The most pressing loan, from Elliott Management, matures in October. Yonghong Li and CEO Marco Fassone are desperate to find 383 million euros to pay off the American firm. However, the latest news is reportedly scaring off an Middle Eastern financial firm which has been linked with a refinancing deal with the club.
As each day passes, the potential that AC Milan’s Chinese owners will lose the club increases.