As was reported prior to the Serie A winter break, AC Milan CEO Marco Fassone forwent his planned China visit to remain in Milan in an effort to help solve the club’s ever deepening debt crisis.
On Thursday he met with representatives of Elliott Management in Milan as he works to reduce the amount of pressure placed upon ownership. The American firm has a 303 million euro loan coming due in October, but, thus far, the Aldo Rossi Group (owners of AC Milan) have been unable to find financing for neither the debt nor its reportedly exorbitant interest rate.
Unfortunately for Mr. Fassone and Li Yonghong – principal owner of the club – the meeting at Corso Vittorio Emmanuele ended without an agreement to extend the debt repayment period.
With the latest development, it seems as though the Aldo Rossi Group’s last, and best, hope to retain ownership of the club into 2019 rests with Middle Eastern financial firm, Jefferies Fund.