The latest reports out of Italy are conclusive; Yonghong Li has lost his majority share of AC Milan to American hedge fund Elliott.
Several reports are now claiming, after Li failed to provide Elliott with the €32m capital increase, that the Chinese businessman has lost AC Milan, as the American hedge fund are unwilling to accept his last-minute attempt to sell the club to Monaco owner Dmitri Rybolovlev.
Il Sole 24 Ore add that Elliott are now ready to step in, having already formalized the documents needed to possess the club. The report explains that Elliott now have a ‘highway’ in front of them, with plans of removing the current board of directors, thus ending the Chinese era of AC Milan.
So… He has lost all of his shares and money, when he could have sold to Commisso and kept a minority share?
Did he get greedy, or was he simply over-confident in Elliott cutting him more slack?
Dude doesn’t seem too savvy…