AC Milan could be set to fall into the hands of Elliott management fund after Li Yonghong failed to make his €32 million payment by the predetermined deadline.
A deadline of 5pm CET for June 22 had been set by the board of directors for the current Rossoneri president to make his €32m capital increase transfer and remain in charge of the club.
However, that time has now passed and no payment was received, meaning that the club could now be taken over by Elliott, as a result of the 48-year-old’s failure to comply with the previous agreement.
It is now up to that group to pay the sum and already this week, Paul Singer’s hedge fund had indicated their willingness to do just that, although it should be pointed out that they will not gain control of the club unless Li fails to make a repayment by July 9.
It remains to be seen whether he can come up with the necessary funds to reimburse the Elliott group by that date next month, or risk losing control of the Milanese giants.
Source: forzaitalianfootball.com