Milan news: Creditors chasing Li Yonghong over unpaid €7m loan
They loaned him €7 million last year, the capital being used to finance an injection of capital to the Rossoneri.
The incredible interest rate (14%) has since been repaid, but the loan hasn’t. It was supposed to be paid on February 28th, but Mr Li managed to get the deadline extended by agreeing to a 24% rate and having his wife, Huang Qingbo, act as a guarantor.
Carlo Festa reveals on the Sole 24 Ore that Teamway’s legal team have issued a writ of summons to Rossoneri Sport Investment, Mr Li’s company.
Teamway have, however, posted the debt as a €3.6 million loss, and are assuming that it is being defaulted on.
Li spent over €400 million to buy the Rossoneri, but he failed to repay a massive loan from the Elliott Fund, leading to the American investor taking over. He is also under investigation from magistrates in Milan.