Former AC Milan proprietor Yonghong Li, who purchased the Serie A membership from Silvio Berlusconi in 2017 and misplaced management a yr later, has been declared bankrupt.
The Chinese language businessman raised eyebrows when he bought the Italian staff from Berlusconi in April 2017 at a price of over €500m.
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This was largely achieved because of a mortgage price €303m plus a really excessive rate of interest from Elliott Administration.
Yonghong Li tenure at AC Milan was temporary
MILAN, ITALY – APRIL 14: (L-R) AC Milan new board member David Han Li, new AC Milan Proprietor and President Yonghong Li, new AC Milan CEO Marco Fassone attend a press confernce to unveil AC Milan new house owners on April 14, 2017 in Milan, Italy. (Picture by Studio Buzzi/AC Milan through Getty Photographs)
When Yonghong Li didn’t , US-based vulture fund Elliott successfully repossessed AC Milan in July 2018.
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Now a tribunal in Hong Kong has made a chapter order in opposition to him, concerning a debt price $280 million (circa €250m), and a listening to is about for January 2026.
and famous that 5 funding funds had taken motion in opposition to the Chinese language businessman.
Particularly, the Rossoneri Advance Co. Restricted was a enterprise used to offer bonds throughout the buy of AC Milan in 2017, and that’s the firm declared bankrupt.