Il Sole 24 Ore’s reliable journalist, Carlo Festa, has revealed some staggering details regarding the involvement of Elliott in AC Milan and how it all came about.
The loan of Elliott to Milan was born during a meeting at the Grand Hotel Bauer in Venice. On that occasion, the hotel was the subject of a sale. Italian lawyer Riccardo Agostinelli was at the scene, representing the sellers, concluding the sale to Elliott.
Luckily for AC Milan, Agostinelli knew Fassone from his time at Inter, after working with a financing matter for the Nerazzurri. The lawyer knew that Yonghong Li needed a large amount of money, otherwise, he would’ve lost his €200m deposit. Therefore, the idea was proposed to the American fund, which in the end saved Yonghong Li.
Now, one year later, Elliott may take over the club very soon, unless Yonghong Li honours the capital increase of €30m requested by the board members.