NEWS
Sunday June 3 2018
Yonghong Li accepts investors?

Milan patron Yonghong Li has agreed to accept an outside investor to help refinance his debt to Elliott Management, claim Mediaset Premium.

The Chinese businessman has surprisingly been in Italy since Tuesday and Milan Channel noted he flew back to Hong Kong today.

He did not meet with Coach Gennaro Gattuso or Milan directors Marco Fassone and Massimiliano Mirabelli.

According to the latest reports from Mediaset Premium, the purpose of his visit was to discuss refinancing the €303m plus interest debt to US hedge fund Elliott Management.

So far, Yonghong Li has been reticent to accept any other investors, but he might finally have changed his mind and is willing to bring in a minority shareholder.

This would not be for Milan itself, but for his own holding company, Rossoneri Luxembourg.

There are reports he has already found an investor and it is a person rather than a company.

Any deal wouldn’t be done in time to sway UEFA and their Financial Fair Play hearing, whose verdict is due around June 18-20, but it might help lessen the blow going forward.

Meanwhile, Yonghong Li continues to meet deadlines to keep the club ticking along and the €10m capital promised should be in the bank on Monday.

Another €30m is due by June 15 and if he fails to provide that, then Elliott Management can effectively take over.

Watch Serie A live in the UK on Premier Sports for just £9.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://www.premiersports.com/subscribenow