October 15th. A date that will be crucial for the legacy of Milan owner, Li Yonghong, according to CalcioMercato.com
As of today, Li has 364 days to pay off a bridge loan funded by the American fund, Elliott. During the takeover earlier this year, the fund loaned Yonghong Li 308 million euros in order to complete the takeover and inject fresh capital for player recruitments. On October 15th of next year, Li will have to repay that loan with an interest rate of about 10%.
Reuters shockingly reported in an article back in September that Li does not have the liquidity to pay of the debt and is desperately seeking new investors in order to be able to do so. This is something that is reducing his leverage in negotiations for new additional loans at firms like Goldman Sacks and Merill Lynch.
Another setback for Li is that the Chinese Communist Party is set to meet on October 18 and is expected to tighten the regulations on Chinese Nationals spending money abroad.
