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.”

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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.

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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.

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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.

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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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