NEWS
Thursday October 5 2017
China to recall Milan money?

It’s claimed the Chinese government could force Milan’s investors to return around €200m to the country.

Investor Yonghong Li took over the Rossoneri earlier this year, with a loan from U.S. hedge fund Elliott Management to complete the deal.

Part of the reason for that was the difficulty in moving funds out of China, with the government recently cracking down on foreign investment.

The Communist Party will hold its congress on October 18, where it’s expected that new restrictions on foreign investment will be announced.

According to Libero, this is unlikely to affect Inter and their owners Suning Group, but it could complicate things for the Diavolo.

Around €200m, which was invested by the funds Huarong and Haixia, could have to be brought back into China, the newspaper reports.

Li is looking for new investors to share the financial burden, but Milan need to pay back Elliott’s €253m by next October, with €180m of that carrying an interest rate of 11.5 per cent.

If that momey isn't repaid, all or part of the club will transfer to the hedge fund.

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