Yonghong Li missed the deadline and a legal battle could ensue, but it remains to be seen what hedge fund Elliott Management will do with Milan next.
The Chinese patron failed to pay the outstanding €32m, which Elliott had provided to increase the capital last month, and to all intents and purposes the American hedge fund now owns the Serie A giants.
That is because they were already owed €380m in a loan taken out by Yonghong Li so he could purchase the club in April 2017, which needs to be repaid in full in October.
There are several options going forward now, as the Corriere della Sera newspaper suggests Yonghong Li will try to fight the repossession of his assets in court.
It’d also be difficult to sell the club in these circumstances, so Elliott Management could continue to fund the Rossoneri for a year while they negotiate the best deal for a new buyer.
Options include Mediacom owner Rocco Commisso, Chicago Cubs patron Tom Ricketts, plus mystery Russian and Asian investors who have reportedly been negotiating with Li.
It is likely that the club will be sold for considerably less than the €740m Yonghong Li paid to take over from Silvio Berlusconi in April 2017.
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