Elliott Management have already started legal proceedings to repossess Yonghong Li’s assets, but the Milan patron could put up a fight.
Yonghong Li failed to meet his deadline last month to put €32m of capital into the club, so it was provided by American hedge fund Elliott.
Last night, he also missed the deadline to pay it back, meaning he now owes them €412m including interest.
According to financial paper Il Sole 24 Ore, Elliott have already filed the paperwork to repossess Li’s assets and that includes the holding company in Luxembourg with which he bought Milan from Silvio Berlusconi for €740m in April 2017.
There is still some hope for Li, although both options seem very difficult to achieve.
The first would be to find the €32m by Monday and appeal with an injunction to delay the process.
Another is to find a buyer for the club prepared to bring the full outstanding sum to Elliott by Monday and hope they’ll accept it.
After all, Elliott could soon legally negotiate their own terms for a takeover and wouldn't need Li's input.
The rumour mill is in full swing to find the mystery Russian buyer, who Il Sole 24 Ore imply could be Alisher Usmanov.
He was already reported to be interested in the purchase of Milan back in March and denied it with a statement.
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