NEWS
Friday June 1 2018
Yonghong Li to meet Milan deadline

Yonghong Li will meet Monday’s deadline for €10m, according to the Corriere della Sera, but must provide Milan another €30m by June 15.

The club owner remains under pressure from US hedge fund Elliott Management and members of the Board, who are pushing to enact an early takeover.

Yonghong Li was only able to buy the club from Silvio Berlusconi in April 2017 thanks to a high-interest loan from Elliott Management and that has to be repaid in full by October.

Multiple reports have suggested Elliott are trying to take Milan over before then, but for the moment he keeps meeting his deadlines and clinging to power.

According to the Corriere della Sera newspaper, Yonghong Li will certainly meet Monday’s deadline to provide €10m in capital, as it has already been sent from Shanghai rather than Hong Kong, had reached Luxembourg on Friday and will be deposited in Milan’s accounts on Monday.

That is not the end of the road, though, as the same report notes he must provide another €30m by June 15, or Elliott will be ready to take charge.

This is going to be a decisive month for the Rossoneri, because on June 18-20 UEFA are expected to give their verdict on the Financial Fair Play situation.

Milan were denied both a voluntary agreement and a settlement agreement, referred to the disciplinary committee and face sanctions.

They could be fined, have their squad limited or in a worst case scenario be thrown out of the Europa League – and that is the option recommended by the financial investigators, according to The New York Times.

Milan are preparing their own legal defence, arguing the current owner should not be punished for the mistakes of a previous administration.

Yet the Rossoneri spent €200m on the transfer market last summer and that makes their position tricky.

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