NEWS
Wednesday October 17 2018
Li banned from leaving China?

Former Milan owner Yonghong Li has reportedly had his passport revoked by Chinese authorities, after running up too many debts.

The businessman bought the Rossoneri from Silvio Berlusconi in April 2017, but the takeover was suspicious from the start.

His consortium missed several deadlines to pay the money to complete their purchase, and when they eventually did it was with a loan from U.S hedge fund Elliott Management.

This summer Li failed to wire money for a capital increase, and the fund seized control of the club.

Now several Chinese sources are reporting that a court in Hubei province has prohibited the former owner from leaving the country due to his accumulated debts.

Li, who also has a residence in Hong Kong, has had his Chinese passport seized while authorities investigate his business dealings.

This week had laid bare the incompetence of the previous Milan ownership, as it was revealed the business plan presented to and rejected by UEFA forecast revenues of €90m from China last season.

The actual number was €606,000, with commercial revenue also falling rather than rising.

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