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Gab Marcotti explains the saga unfolding in Milan after owner Li Yonghong missed a deadline to repay an investment from Elliott Management.
Radja Nainggolan insists that he joined Inter Milan to win trophies and that he enjoyed his holidays watching the World Cup.
The future of AC Milan is uncertain.
U.S. The Elliott Management hedge fund has initiated a contract procedure that could give the investment company the power to decide on the future of the indebted AC Milan, a Reuters source told Reuters on Monday. folder. The fund lent additional money to the team to finance the purchase of players and repay the club's debts to the banks.
Last month, when Li failed to make a final capital injection agreed under the terms of the purchase agreement.
When Li failed to repay Elliott on Friday, he paved the way for the process launched on Monday under which the fund set up its own managers. at the top of a Luxembourg holding chain that oversees AC Milan, effectively taking control of the club.
In a final step, the process could soon see the US fund The source added that the majority owner of European champions seven times known as Rossoneri .
Other sources familiar with the case have said in the past that the hedge fund was not interested in long-term, but could seek to sell it profitably after the # 39, having got in shape.
Meanwhile, Li is looking for ways to repay Elliott by calling on other investors and remaining a minority shareholder.
It is not known whether Li has the opportunity to challenge the contract procedure initiated by Elliott
The Chinese businessman has been waiting for months for new investors to share the financial burden of the loss. .. club that was banned last month from the competition of the Europa League next season because of its uncertain finances.
The club should have closed the fiscal year until the end of June with a loss of 75 million euros, a source close to the Ricketts family, owner of the team. Major League Baseball Chicago Cubs and American TV magnate Rocco Commisso, owner of the North American New York Cosmos football team, are among those who are interested in acquiring a Majority Attendance AC Milan
AC Milan declined to comment, while Li could not be reached immediately for comment
Source: espn.co.uk
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