CorSera: AC Milan grant Li extension on missing €10m

By Oliver Fisher -

Further doubts have reportedly surfaced regarding AC Milan’s finances, with the club needing to find €10m before Elliott Management steps in.

According to Corriere della Sera, Milan will wait until April 4 for Yonghong Li to provide the extra capital before Elliott Management are forced to intervene.

The deadline was meant to be on Friday for the Rossoneri president to pay the missing €10m to complete the capital increase.

The report states that club’s Board of Directors will wait until April 4 to see if Li can find the money, or alternatively a new bank bond.

If the money isn’t deposited by then, Elliott Management will effectively take over the club, but it is in their best interests to keep the club afloat as going under would damage their asset value.

Milan apparently need to find €35m by June 30 to simply stay afloat and register the 2018/19 Serie A season.

This comes amid reports earlier in the week from paper Il Sole 24 Ore, who claimed that Chinese lenders are becoming wary of lending Li more money.

Tags AC Milan Italy Milan News Notification Rossoneri Serie A