Former Milan President Yonghong Li is reportedly being chased for an unpaid debt of around €7m.
The Chinese businessman took over the Rossoneri in April of 2017, but was ousted by U.S hedge fund Elliott Management over this summer after defaulting on a payment.
Former Milan President Yonghong Li is reportedly being chased for an unpaid debt of around €7m.
The Chinese businessman took over the Rossoneri in April of 2017, but was ousted by U.S hedge fund Elliott Management over this summer after defaulting on a payment.
Since writing an open letter decrying the “careless and predatory vulture fund” which took the club from him the former owner has been relatively silent, but Il Sole 24 Ore reports he’s still being chased for debts.
As reported in March, a €7m loan from Hong Kong company Teamway had to be guaranteed by Li’s wife after he missed a deadline.
According to the website, Li paid off the interest on the loan but not the initial capital, and on August 15 a summary notice was sent to Rossoneri Sport Investment for the money.
Teamway has now filed the debt as a defaulted position.
Li is also still under investigation by prosecutors in Milan for his takeover, and appears to have made a loss of around €400m.