Milan President Yonghong Li reportedly asked for an extension on the deadline to repay €32m, but Elliott Management refused.
Time is ticking down and the Chinese patron risks losing the club to US hedge fund Elliott Management Corporation this weekend.
According to MilanNews.it, Yonghong Li requested another 48 hours to find the €32m he must pay back tomorrow.
However, Elliott are done waiting and refused, trying to force him out of the club one way or another.
Milan President Yonghong Li reportedly asked for an extension on the deadline to repay €32m, but Elliott Management refused.
Time is ticking down and the Chinese patron risks losing the club to US hedge fund Elliott Management Corporation this weekend.
According to MilanNews.it, Yonghong Li requested another 48 hours to find the €32m he must pay back tomorrow.
However, Elliott are done waiting and refused, trying to force him out of the club one way or another.
Li is currently in advanced negotiations to sell 70 per cent of the Serie A giants to Rocco Commisso, while also evaluating other offers.
Yet if he doesn’t find the €32m by Friday, it will effectively begin the default process and Elliott can start repossessing the club.
Yonghong Li was only able to purchase AC Milan from Silvio Berlusconi in April 2017 thanks to a €303m loan from Elliott, which is due to be repaid in full with an added €77m interest in October.
Elliott also had to step in two weeks ago when paying the €32m needed to increase the Milan capital, as Yonghong Li missed the deadline.