BLOG ITALIA
Saturday July 14 2018
Rebuilding Milan's image

After Yonghong Li failed to repay his loan, Elliott have seized control and are working towards rebuilding Milan’s image, writes Matthew Santangelo.

Throughout the course of this ownership dilemma, Milan’s brand has taken quite a hit. The value of the Rossoneri image still remains tremendously high around the world, but the struggles during the past five to six years on the pitch, along with uncertainty at the top, calls for financial stability and total transparency under Elliott Management.

Do Not Exclude From Feeds
NEWS
Thursday July 12 2018
Milan want Arsenal director

New Milan owners Elliott Management have reportedly approached Leonardo, Sassuolo’s Giovanni Carnevali and Arsenal chief executive Ivan Gazidis.

The club is now in the hands of US hedge fund Elliott Management Corporation after President Yonghong Li defaulted on his debts, so the holding company was repossessed.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Thursday July 12 2018
Leonardo role in the new Milan?

Milan’s new owners Elliott Management have reportedly contacted former player, director and Coach Leonardo after Paolo Maldini turned them down.

US hedge fund Elliott now effectively run the club after President Yonghong Li defaulted on his debts, but a new Board of Directors will only be voted in after July 21.

According to Sky Sport Italia, the new patrons have approached Leonardo to ask if he would be interested in a new role.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Thursday July 12 2018
Milan still without a President

Milan won’t know the name of their new President or formation of the Board of Directors until at least July 21, it was confirmed today.

There was a meeting at Casa Milan today and lawyer Roberto Cappelli spoke to reporters outside.

“We had a meeting, but in the absence of the Chinese counsellors, we did not have the necessary quorum to pass any votes.

“At that point, a Shareholders’ meeting was called for July 21. That assembly will aim to renew the Board of Directors and revoke some counsellors.”

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Thursday July 12 2018
Milan board meeting today

The Milan board is expected to meet this afternoon to officially appoint new directors and oust Yonghong Li and the Chinese.

The club has been taken over by Elliott Management, after the owner failed to pay his debts to the hedge fund.

The American fund will now try to put the club on a more solid financial footing before selling it on, and today at 16.30 local time there is expected to be a board meeting.

According to ANSA, the new President will be Paolo Scaroni, the former CEO of Italian energy company Eni.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Wednesday July 11 2018
Scaroni new Milan President?

Elliott Management have taken over Milan and wholesale changes are expected, including Paolo Scaroni as President, but Rocco Commisso's entourage are doubtful.

The American hedge fund officially repossessed the club’s holding company after Yonghong Li defaulted on a debt of €32m, not even reaching the October deadline to repay the full €303m plus interest loan he used to purchase the side in April 2017.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Wednesday July 11 2018
Report: Elliott write off Milan debt

U.S hedge fund Elliott Management has reportedly written off Milan’s debts, having taken over from Yonghong Li.

The Chinese owner had to borrow around €180m from the fund to pay for his takeover, while the club itself was loaned €73m initially, which rose to €128m to pay players and clear bank debt.

Those loans also carried a high interest rate, but MilanNews reports that after seizing control of the club the hedge fund has cleared the debt.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Tuesday July 10 2018
Official: Elliott now own Milan

Elliott Management have taken over control of AC Milan after Yonghong Li “defaulted on debt obligations” and pledged to inject €50m in capital.

Yonghong Li failed to pay the €32m to increase the capital last month and then missed the deadline to repay the loan to hedge fund Elliott Management.

As he is in arrears, Elliott have already taken legal action to repossess his assets, starting from the holding company in Luxembourg that he used to buy the club – with a €303m loan from Elliott in April 2017.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Tuesday July 10 2018
Milan punished for 'unrealistic' plans

The full 33-page document on why Milan were excluded from Europe for Financial Fair Play violations points to an unrealistic business plan.

The Rossoneri had originally tried to work out a Voluntary Agreement with UEFA after Yonghong Li bought the club from Silvio Berlusconi for €740m in April 2017.

When that was rejected in December, they were stunned to find out the Settlement Agreement was also turned down, eventually leading UEFA to exclude them from Europe for the 2018-19 season.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/

NEWS
Tuesday July 10 2018
Report: Elliott now own Milan

Elliott Management have taken control of AC Milan from Yonghong Li, while Miami FC owner Riccardo Silva is also linked with a takeover bid.

Yonghong Li’s time appears to be up, as he failed to pay the €32m to increase the capital last month and then missed the deadline to repay the loan to hedge fund Elliott Management.

As he is in arrears, Elliott are now taking legal action to repossess his assets, starting from the holding company in Luxembourg that he used to buy the club – with a €303m loan from Elliott in April 2017.

Enable Scroll-To-Play Video
Do Not Exclude From Feeds

Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/