Milan board member: “Elliott would sell AC Milan”

By Claudio Perfetto -

Since the closing, there has been much talk of Elliot’s loan to new AC Milan owner Yonghong Li.

The loan totals €303million and needs to be paid back by October. AC Milan board member Paolo Scaroni, who represents Elliot, spoke to TeleLombardia about the situation.

Scaroni touched on whether he believed Milan could refinance the debt or not, saying “I don’t know if Milan will find the money to refinance the debt. These are matters that Marco Fassone and Li Yonghong are looking into. In theory it is possible, but I don’t know what stage we are.”

He went on to discuss what Elliot’s strategy would be should Milan not repay the loan.

“I don’t think that Elliot president Gordon Singer wants to be the president of a football club. The loan had in it a series of guarantees, so if it was not repaid Elliot would become the owners of Milan and they would like to get their money back.

“The scenario that is more likely is that Elliot sells Milan. The rest of the money, if it exceeds what Elliot is owed, would be given to Mr. Li.”

Who would Elliot sell Milan to if it came to that? “The sale would be to the highest possible bidder. The majority shareholder has kept up with the promises made and increased the capital as agreed upon in the 2017-18 budget, as per the 2017 to 2022 budget plan.”

Lastly Scaroni spoke about the current plan of Milan’s shareholder, stating “Milan are actively working to attract sponsors from China. They have hired many people to help achieve this. As part of the overall strategy for the club, they are relying heavily on sponsors from China.”

Tags AC Milan Elliot Italy Marco Fassone Milan News Paolo Scaroni Rossoneri Serie A Yonghong Li