Chinese businessman, Li Yonghong is reported to have lost over €500m in a failed ownership of AC Milan.
Li lost his takeover bid to Elliot Management after he defaulted on a €303m loan, caused entirely by other members of his consortium, who rejected terms of the deals.
Speaking with Top Calcio, Silvio Berlusconi’s brother, Paolo sympathised with the Chinese, who ‘behaved very well’ during their initial talks.
“I was stunned, he behaved very well with us and paid everything he had to pay.”
“There was also alot of fair play from Silvio. [Li] had inconsiderately paid a deposit of €200m without paying the reminder before the scheduled date, but my brother gave him time.
“The Chinese government has changed philosophy. Li Yonghong was left alone, abandoned by his fellow travellers.
“He found himself in trouble and didn’t even sell to Commisso. I never met Li Yonghong, but he disappeared because he lost €500m: it’s incredible bit it’s the pure truth.”
After many months in which his traces were lost, the name of Yonghong Li re-emerged once again, and definitely not in a positive manner for the former owner and president of Milan.
According to several Chinese media reports, in fact, the government of the country has decided to prevent Li from leaving the state due to the many debts accumulated in recent years.
Moreover, the businessman’s passport was also seized by the authorities of China. Thus, after all the mysterious aspects of his Milan acquisition, even China is now ready to look into his accounts and make things clearer.
Yonghong Li bought the club in April 2017 after a lengthy takeover process. The new management started off promisingly, investing heavily in the transfer market, but financial instability eventually led to the change of ownership and subsequently management this summer, with hedge fund Elliott now being a majority shareholder of the Rossoneri and Leonardo and Paolo Maldini being in charge of the technical area of the club.