Yonghong Li takes Elliot and AC Milan to court
The ownership of AC Milan could soon finish in court with former president Yonghong Li threatening legal actions against Elliot.
As if the mismanagement the club suffered during his one year of presidency wasn’t enough now disgraced former president Yonghong Li is threatening legal actions against the new owners of AC Milan, Elliot Management Fund.
The Chinese former owner wrote a letter against the American fund, published by IlSole24Ore, accusing them of fraudulent behaviour and informing the public on a possible lawsuit regarding the ownership of the club.
“It is very unfortunate that I have to write this letter to all Milan fans, employees and shareholders. Today, July 21st, will sanction my departure as Milan president. Elliott management will hold a meeting as all the directors I had appointed will follow me. It’s a shame. I invested nearly 880 million euros up until June 30th 2018 as only 280 million euros was financed by the Elliott group. I was expecting them to be different but they ended up being the classical hedge fund.
I put a lot of faith into them and this backfired. I would like to remind the Milan fans that I always respected the payments during my time at Milan and I am ready to fight for my rights and to also give assurances to the Milan shareholders. Any manoeuvres to reduce the value of AC Milan will be prosecuted by the Law. Thank you for your attention“.