NEWS
Tuesday February 20 2018
FIGC 'worried' about Milan finances

FIGC Commissioner Roberto Fabbricini admits he is “worried” about reports over Milan’s financial stability and “will contact the club.”

There have been investigations in the New York Times and Il Sole 24 Ore, but yesterday the Corriere della Sera newspaper also published an outline of the assets held by owner Yonghong Li.

This includes a Chinese tribunal ordering bankruptcy proceedings against one of his companies even before the takeover of Milan in April 2017 was complete.

“I am worried about Milan, as it’s a situation regarding a big club and a very important element of Italian football,” said Fabbricini.

He is standing in for the Federation after a failed election for a new President, so has been tasked with enacting reforms.

“We’ll see how things develop, but reading the papers it really makes you think, so we must be very wary. I will try to contact the club over the next few days and understand the situation.”

Meanwhile, Milan CEO Marco Fassone, Elliott representatives and executive director Han Li are in London today to find a refinancing deal, as the debt to Elliott Management must be paid by October 2018.

They were in a meeting with Merrill Lynch, according to La Repubblica, to seek new minority shareholders who can cover some of the burden.

Yonghong Li has to provide the final €11m in the increase of capital that was set in April 2017 and the deadline for that is the Board meeting on February 26.

Milan have not released any statement countering the latest allegations of financial problems surrounding Yonghong Li, but are said to be relaxed about the rumours.

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