It seemed over, but no. Rocco Commisso, owner of the New York Cosmos, could still become the new owner of Milan, repaying the Rossoneri company's debt in full with the Elliott fund. Negotiations with Yonghong Li, the club's current owner, seemed closed, but they suddenly reopened despite the disqualification inflicted by UEFA which will prevent Milan from participating in the next Europa League. Under the new agreements that the two parties are defining, the Chinese tycoon would keep 30% of the shares.
“I close the contract, but only on my terms – said Commisso a few days ago – But let me be clear, first I have to have a binding agreement, I would never accept being in the minority. The club must be mine because I believe I can manage it and make it return to its full glory."
According to La Gazzetta dello Sport, the parties would be in continuous telephone contact and optimism on the successful outcome of the negotiation is growing by the hour. Commisso would put about half a billion euros on the table, including the money needed to pay off the debt with Elliott.
It is precisely the urgency of repaying the payment of 6 million advanced by the Elliott Fund by 32 July that is pushing for an acceleration of the agreement with Commisso, according to reports from Reuters. Both the AC Milan company and its owner Yonghong Li have in fact accumulated a total debt of 308 million euros towards Elliott who lent 180 million to Li and 128 to the AC Milan club.
According to rumors reported by Reuters, Commisso would take on the entire debt and invest a further 150 million euros to allow the team to acquire new players and manage the club more calmly. Another source, also consulted by Reuters, would instead have reported that Commissio would repay the 32 million owed to the Elliott Fund. The operation would end up leaving a 30% stake valued at around 150 million in the hands of the Chinese Li who would find himself having accumulated a theoretical loss of around 300 million.
