NEWS
Thursday March 2 2017
Milan closing moved to April 7?

According to the latest reports, the closing for Milan’s sale to Chinese investors will be postponed to April 7 with a new €100m deposit.

The closing was meant to be tomorrow, having already been postponed numerous times, but problems emerged with the remaining €320m to be handed over to Silvio Berlusconi’s holding company Fininvest.

Pasquale Campopiano, who has been the foremost authority on the entire affair since it started last year, claims the closing will formally be postponed to April 7.

This will be thanks to the payment of a new €100m deposit, on top of the previous €100m, to be delivered into Fininvest accounts by March 10.

It’s suggested lawyers and advisors are working day and night to find a breakthrough in the troubled takeover.

The problems seem to be that the Chinese government is contrary to the deal, so Yonghong Li had to rebuild the funds for Sino-Europe Sports in Hong Kong.

Now he will be the only shareholder of Milan, needing to guarantee €320m to buy the club and a further €100m for the transfer kitty.

Campopiano maintains China Construction Bank had been due to help finance the deal with €80m, but pulled out at the last minute.

Another investor, who was ready to pay €180m, asked for an extra two weeks.