NEWS
Sunday June 24 2018
Commisso wants full Milan ownership

Rocco Commisso is eager to buy Milan outright, but this is reportedly not going down well with Yonghong Li or Elliott Management.

According to Sky Sport Italia, the owner of the NY Cosmos and the Mediacom cable and broadband company, wants to snap up 100 per cent of the shares immediately.

That could be a big bonus for the Rossoneri as they argue their case in front of the UEFA tribunal for Financial Fair Play irregularities.

He certainly has the funding, as he is part of the Forbes 400 richest people and has a fortune estimated at $4.5bn.

The club was bought from Silvio Berlusconi just over a year ago for €740m (which included €220m in debt) and Yonghong Li achieved this thanks to a loan of €303m from US hedge fund Elliott.

That also has a rather high interest rate and the final figure that must be repaid by October is of €380m.

If he doesn’t repay the loan plus interest in full, then Elliott can repossess his assets, starting with AC Milan.

Sky Sport Italia suggest this is why Elliott aren’t entirely happy with the idea of Yonghong Li selling up the club as a whole, because then they wouldn’t be able to repossess any of it.

His other assets are mysterious at best and Elliott already made an initial step towards taking over by paying the €32m needed for capital, after Li missed his deadline this week.

Yonghong Li has so far been rejecting all offers to buy even a majority share in the San Siro giants, but at this stage might be backed into a corner.

Another option would be American businessman Tom Ricketts and his family, who run the Chicago Cubs.

It’s reported Yonghong Li would be prepared to sell 75 per cent of the club for €500m, but this is putting Ricketts off.

He is also far behind Commisso in the paperwork and hasn’t yet done due diligence.

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