Yonghong Li doesn’t pay. What happens now?
As it was expected AC Milan president Yonghong Li failed to repay the 32 million euros that Elliot injected two weeks ago as capital increase. According to last year’s loan agreement between the parties the American Fund can takeover the ownership of the club.
La Stampa reports that Elliot is already working to take possession of AC Milan club. In fact, the US fund in Luxembourg has started the ownership transfer process which should last from 3 to 7 days.
When this happens, Elliot will pay 150 million euros to guarantee the business continuity of AC Milan, for the transfer market and other imminent issues. Only later can the process for the sale of the Rossoneri restart, with the Ricketts family and Stephen Ross in the front row while Rocco Commisso seems to have lost his chance.
The Chinese businessman could have saved everybody’s time by accepting Commisso’s offer but instead he chose to try until the end to repay the 32 million. Considering the latest situation at the club the Rossoneri have very little chance to appeal UEFA’s Europa League ban at CAS. In the end, Europa League exclusion and a tremendous damage in image are going to be the only legacy of Mr. Li.