In a sudden and shocking turnaround, Yonghong Li has reportedly changed the terms with Rocco Commisso and wants to keep Milan.
The negotiations had been close to completion and a sale was expected on Wednesday for approximately €500m plus coverage of the €380m loan owed to Elliott Management, which allowed Li to buy the club in the first place.
Commisso had been prepared to leave 15-20 per cent of Milan stakes to Yonghong Li, but multiple reports from Sky Sport Italia and Tuttosport claim the Chinese businessman suddenly changed his mind.
He then rang up and asked to maintain at least 25-30 per cent of the club and this infuriated Commisso.
Not only that, but it’s also reported Yonghong Li believes he can find the €32m to pay back Elliott Management by the July 6 deadline.
That €32m was meant to be put into the Milan coffers last week to raise the capital, but Yonghong Li missed the deadline, so Elliott Management stepped in to pay it.
The fact remains, if Yonghong Li is struggling to find the €32m, how will be repay the full €380m loan to Elliott in October?
Meanwhile, tomorrow UEFA are due to announce the Financial Fair Play verdict and are expected to exclude Milan from Europe for at least one year with a massive fine.
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