In the last few days, there has been a lot of talk about the potential sale of AC Milan, as Investcorp are in advanced negotiations with Elliott Management. Out of nowhere, however, former owner Yonghong Li has popped up.
The Chinese businessman was the owner of Milan between 2017 and 2018, eventually defaulting on his loan to Elliott Management. The latter, an American hedge fund, has since turned the club into a very valuable one.
In fact, the negotiations between Investcorp and Elliott are on the basis of €1.1m, which also includes the cost of the stadium project. And this has caught the attention of former owner Yonghong Li, who has always felt he was wrongfully removed as the owner.
In spite of defaulting on his loan from Elliott, which was just over €300m, Yonghong Li always disputed the decision of the hedge fund as he lost roughly €500m in equity. According to Il Sole 24 Ore, therefore, he has now filed a lawsuit.
In his lawsuit, the Chineseman is asking for €320m in compensation, which is an amount that roughly equals the capital gain Elliott will make from the sale. Of course, he doesn’t have a leg to stand on in this case.
Still making bad business decisions…some people don´t change. Fassone and Mirabelli still working for him? After buying Biglia from Lazio, they should all be in jail…
i feel sorry for him he deserve his money back
What’s wrong with Li, he better wake up before it’s get late. He should learn sense for once!
He is hoping for out of the court settlement. The idea is, that with the deal between Investcorp and Elliott so close to completion, he is hoping they will pay him off to just go away and not screw up or slow down the deal. As mentioned in the text, he doesn’t have a legal leg to stand on, but he is hoping he is a nuisance enough for Elliott and Investcor to at least consider the possibility of a settlement. Even a few million would get him to go away.
I still think there is a link between Li, Elliot and Invescorp.
1. Li brings his money to buy players to form a UCL worthy team, make Milan a results grinding machine and spoil the balance sheet. Why Li didn’t sell to Commisso at the last minute still baffles me. There was a plan to follow but the first failed so they are using the 2nd and 3rd.
2. Elliot comes in and stables the balance sheet and as soon as we can get a stadium, they forward the club to Invescorp to apply the finishing touches.
3. Invescorp comes in, build a stadium,bring massive sponsorships and buy players having in mind that Milan will play for more than 10 years in the UCL continuously now with Juve and Inter the only contenders.
4. Li gets his money back from Invescorp, Elliot get their share from the sale and Invescorp takes Milan to the sky
5. The Saudis know that PSG and City have no history in football compared to Milan which is the only European giant struggling financially so investing here would enable them have a chess game in UCL with Milan, City, PSG and Newcastle in the semi-finals.
6. Buying Milan and having already bought PSG, CITY & NEWCASTLE means they have bought European football.
7. This is how I see things.
8. There is also a connection between 5G and Covid
9. Vaccines are what Bill Gates uses to randomly sterilize us and bring down population
10. Global warming isn’t real
11. Moon landing was a hoax directed by Stanley Kubrick
Nice addition, but also agree with Godey. The Arab money catch the best players in their football clubs. Whatever, win they win!
Conspiracy theory has finished you.
Godey,
Conspiracy theory has finished you.
Lol. He left the club with huge debts + full of mediocre players with high salaries + fairplay disputes with UEFA.
There’s nothing to pay him for.
The worst owner AC Milan have. Lucky this trash only stay 1 years as owner. If more than that we will suffer like iler merda fallen in deep of debt. Chinese owner like to gamble with debt . Now he want to ruin investcorp – elliot deal . If the deal canceled because this trash ruin better sent him to jail
Fact. Berlusconi scheme off Li. Why he did not sell to more credible suitors still buffles me. He did this on purpose – get the most out of Milan and use it to build another empire, read, Monza.
That’s where the whole rot started. Credit to Elliot.
With due respect to Mr Berlusconi,he made a wrond decision to sale Milan to incapable,some how dubious merchants in yongli,he should have chosen a known person or consortium and sale to instead he hands Milan to those who aren’t genuine.
You are right. I wrote few times here: Mubadala will decide, who is going to win CL. One year will be MC, than PSG, than Milan… and around. UEFA does not care about fairplay. They will get their money in pocket. We all know how Quatar got World Cup.And we crazy fans will go to watch game, which rezult will be decided in Mubadala office, before game start.
i smell some racism in the comment ,
No, you are wrong. Only smell: money, money….