Milan passes into the hands of Elliott, the US fund known in Italy for the fight with Vivendi for control of Telecom.
The latest, desperate attempt to sell the Rossoneri club has in fact remained a flying word and Yonghong Li will have to step aside. In the last 48 hours, after the non-payment of the 32 million euro refund owed by the owner of AC Milan to Elliott, there was hope of an agreement in extremis with the Russian tycoon, Dmitri Rybolovlev, owner of Monaco, who expressed interest last March .
On Friday, Li did not repay the €32m capital increase provided by the US fund after Li failed to pay into the club's coffers on 22 June.
At this point, Paul Singer's hedge fund will have control of the operations and will be able to start the procedure to enforce the pledge on the shares of Rossoneri Sport Investment in Luxembourg and therefore on the club. Before doing so, however, Elliott will probably want to take a few days to assess the full picture. In fact, let's not forget that Rocco Commisso's offer is still on the plate. On 8 July, the Italian-American entrepreneur reaffirmed his willingness to buy the Milanese club: “I have to be careful what I say, because most of this negotiation is private. I want to close this deal, but we're not there yet. We were very close to signing a pre-contract. I'm confident? I don't control the result."
However, the transition to Elliott could further complicate the deal: “We don't know which path Mr. Li will take with Mr. Singer (owner of the Elliott fund), it is difficult to predict how this story will end.
SECURITY UPDATE TRAINING
Chen Huashan and Henry Isabelle are leaving the Board of Directors of Rossoneri Champion Investment, one of Yonghong Li's Luxembourg holding companies. In their place enter Aldo Savi, the Hungarian Viktor Schuh and Gloria Centineo Cavarretta Mazzoleni. This is Elliott's first move to enforce the pledge.
