The first instalment of the capital increase (€10m, €40m in total) requested by the minority shareholder has been paid by Yonghong Li, according to Italian media.
Yonghong Li’s transfer of €10m to AC Milan needed to arrive today, which is the first instalment of capital increase requested by the minority shareholders at the last board of directors meeting.
Due to some technical issues, as reported by Ansa, the €10m will be visible first tomorrow in the accounts of Milan. This tranche had to be paid in order to avoid the intervention of Elliott. The failure to respect the commitment by the president would have triggered a so-called ‘covenant’, the protection clauses provided in the contract with the US fund. Now the majority shareholder will have to pay another €30m by the end of June.
Meanwhile, today there was a summit between Massimiliano Mirabelli and the coach, Rino Gattuso, to discuss the future, transfer market and other organisational issues.