Yonghong Li fails to pay €32 m, Elliott to take over
President Yonghong Li is about to lose the ownership of the club having failed to pay 32 million euros of capital increase.
Yonghong Li, president and owner of AC Milan club, has failed to pay 32 million euros of capital increase. The Chinese businessman had time till 17:00 today to send a check but MilanNews.it confirms that the money transfer has not happened.
Now CEO Marco Fassone will send a request to Elliot Fund to make the 32 million euros payment instead of Yonghong Li. Such a move would make the American fund the de-facto new owners of AC Milan.
A bad news that everyone was hopping to avoid. Such a situation will not please UEFA who have not revealed yet the final ruling regarding the Financial Fair Play breach by AC Milan.