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.

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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.

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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.

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NEWS
Tuesday July 10 2018
Maldini to return to Milan?

Paolo Maldini has reportedly been offered a role at Milan, as Elliott Management moves to take over from Yonghong Li.

The Chinese owner missed a deadline to repay €32m provided by the American fund for a capital increase, with the club and owner owing a further €303m.

As a result the hedge fund has begun the process of taking over the club, reports Corriere della Sera, starting by replacing the directors of the holding company.

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NEWS
Sunday July 8 2018
Jorge Mendes involved in Milan?

Agent Jorge Mendes is reportedly involved in a Milan takeover bid, though it remains to be seen if he’s talking to Yonghong Li or Elliott Management.

The club is in a state of chaos, as Yonghong Li missed deadlines for €32m in increased capital, then to pay it back once hedge fund Elliott had loaned it.

Now Elliott are set to begin repossessing his assets, starting from the holding company for the Serie A club in Luxembourg, on Monday.

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NEWS
Sunday July 8 2018
Rybolovlev too late to save Li

More confirmation arrives that Yonghong Li has agreed to sell most of Milan to Monaco patron Dmitry Rybolovlev, but Elliott Management won’t hear of it.

The situation is reaching an ugly and bitter head in Luxembourg on Monday.

Yonghong Li failed to meet Friday’s deadline to pay back €32m that hedge fund Elliott had loaned to cover club capital when Li missed another deadline last month.

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NEWS
Sunday July 8 2018
Monaco owner wants Milan?

The mysterious Russian investor in negotiations to takeover Milan from Yonghong Li is reportedly Monaco owner Dmitry Rybolovlev.

According to sports writer Luca Serafini and financial paper Il Sole 24 Ore, the man rivalling American Rocco Commisso for the purchase of the club is a billionaire already known to football fans.

That is because Rybolovlev already owns Ligue 1 club AS Monaco.

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NEWS
Sunday July 8 2018
Commisso: 'Not confident on Milan'

Rocco Commisso spoke to Sky Sport Italia about his attempts to purchase Milan, but “I can’t say I’m still confident. Maybe flip a coin…”

The man who immigrated to America from Calabria as a child went on to become one of the Forbes 500 richest people in the country and his negotiations to buy at least 70 per cent of the club shares from Yonghong Li have hit massive problems.

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NEWS
Saturday July 7 2018
Li's last throw of Milan dice

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.

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NEWS
Saturday July 7 2018
What next for Milan?

With Elliott Management ready to take over from Yonghong Li, speculation is rife over what comes next for Milan.

The President failed to meet yet another deadline, this time to repay the €32m that he had already missed last month for the increase in capital.

As he now owes Elliott Management Corporation €425m, the American hedge fund can begin the process of repossessing his assets.

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