Former Milan owner Yonghong Li has hit back at Ivan Gazidis’ claim that Elliott Management saved the club from bankruptcy, calling it “fake news”.

The hedge fund seized control of the Rossoneri after the Chinese businessman defaulted on his €300m loan in the summer of 2018, before quickly fading back into obscurity.

However, he recently opened an official account on Twitter - which is banned in his homeland - to relay his side of the story to Milan fans.

Milan could prepare a revolution, with Paolo Maldini and Zvonimir Boban sacked to give Ralf Rangnick full powers as coach and director of sport, claims Calciomercato.com.

The website claims that owners Elliott Management and CEO Ivan Gazidis, want to make sweeping changes to the structure of the club after what has been a poor start to the season by the Rossoneri.

Coach Marco Giampaolo lasted three months in the job before being sacked and replaced by Stefano Pioli.

Milan are reportedly interested in signing Arsenal midfielders Lucas Torreira and Granit Xhaka as Ivan Gazidis considers a raid on his former employers.

Torreira has managed just four Premier League starts for Arsenal this season, and Tuttomercatoweb writes his agent will travel to England this week to discuss his future with club officials.

The Uruguayan joined the Gunners from Sampdoria in the summer of 2018 and played a key role in their run to the Europa League Final last season.

Ivan Gazidis said they are “working every day” and hope this weekend’s clash with Juventus can “help put Milan on the path back to being a big club.”

The Rossoneri are languishing mid-table after their worst start to a Serie A season since three points were introduced for a win in 1994.

At the presentation of a new book on the history of the club, Gazidis spoke to reporters.

“We learned a lot today about the history of the Milan, but as a club we now want to create a new history,” said Gazidis.

There are reports that Milan's hierarchy couldn't agree on who should replace Marco Giampaolo, with Ivan Gazidis wanting Claude Puel. 

Giampaolo was sacked after a dismal run of form in which Milan won only three of their opening seven games.

Il Giornale reports that Milan CEO Gazidis wanted former Lyon and Southampton manager Claude Puel to take over from Giampaolo.

However, the report also states that directors Paolo Maldini and Zvonimir Boban wanted an Italian coach, or at least one who was experienced in Serie A.

Milan join Inter in the hunt for Barcelona midfielder Ivan Rakitic, as Ivan Gazidis said they will be able to “also invest in experienced players”.

Reports in Italy are claiming that the out-of-favour Croatian might be a target for Milan this January, as it seems the 31-year-old is looking for a move away from Catalunya.

Rakitic has already been repeatedly linked with a move to their city rivals Inter, setting up an intriguing Derby della Madonnina on the transfer market.

Milan CEO Ivan Gazidis insists Elliott Management want the club back at the summit of Italian and European football now and not in 10 years.

Speaking after the release of Milan's financial results for 2018-19, which saw them record losses of €146m, Gazidis stated Elliott was looking long term.

"Elliot wants to take this club back to the top of Italian and world football, and we want to do it without waiting 10 or 15 years," affirmed the former Arsenal chief.

Milan have posted a record loss of €145.9m for the 2018-19 financial year, dropping 6.1 per cent in terms of revenue, but the club is said to be unconcerned.

The documentation signed off by CEO Ivan Gazidis confirms the club ran at a loss of €145.9m, circa €20m worse off than the previous year.

This represents the biggest loss in Milan’s history, but the most worrying signs are the drop across the board of various revenue streams.

Adriano Galliani notes he and Silvio Berlusconi did not sell Milan to Elliott Management but “doesn’t understand all these tears” over San Siro.

Berlusconi slammed CEO Ivan Gazidis for his claim that Elliott stopped Milan from going into bankruptcy, and Galliani suggested he would not have sold the club to the hedge fund if it was up to him.

“I have respect for the Elliott group, even if they never bought Milan,” he told Radio Anch’io Sport.

Silvio Berlusconi claims Milan can become great again by handing the club back to him and hits back at Ivan Gazidis. “Bankruptcy? You can say that in the toilet.”

The former President was asked about comments current CEO Gazidis made during Stefano Pioli’s presentation Press conference, claiming Elliott Management deserved more credit for saving a club on the verge of bankruptcy and demotion to Serie D.