Yonghong Li’s attempt to stop the Elliot management from selling Milan could go in vain as a potential takeover comes closer.
According to La Repubblica, former Milan owner Li’s claim for €319million in compensation will not have any consequences in the negotiations for the sale of the Rossoneri. Li has tried to prevent Elliot from selling the club as it would invalidate the legal action underway since last year.
The Chinese businessman was the owner of the Italian club between 2017 and 2018. After defaulting on his loan to Elliott management, he lost his stake, with the American hedge fund consequently acquiring the 99.93% stake of the club. Over the years, Milan grew, thanks to the improvements overseen by the club in recent times.
And now, Investcorp and RedBird are showing interest in purchasing Elliot’s stake in the club. As per the reports, the proceedings have seen decent developments over the last few weeks.
In April, however, Li filed a lawsuit, demanding compensation of around €319million (the difference between the loan credited to him by Elliot and Milan’s alleged value in July 2018) from the Elliot management. The Elliot are reportedly closing in on a deal with Investcorp, a Bahrain-based firm, for the sale of the club for a reported amount of around €1.18billion.
