29 September at 14:06
Only six months into owning the storied club, Yonghong Li is reportedly already looking for additional investment for AC Milan. News agency Reuters is reporting the Chinese businessman is looking for new investors from both his home county and Italy. The gloomy assessment casts clouds over what was supposed to be a stable long term ownership of the Rossoneri.
After purchasing the club and spending hundreds of millions of dollars on players in the summer, the club is now facing serious financial consequences. In addition to their cash outlay, the Beijing government has recently increased restrictions on Chinese nationals’ investments abroad.
When Mr. Li purchased the club from Silvio Berlusconi for €740 million, he utilized loans from Goldman Sachs and Merrill Lynch totaling €180 million to refinance debt and help pay player salaries. The loan supposed to be paid back in October 2018 with a 10% interest rate.
Milan has struggled out of the gate this season, as manager Vincenzo Montella is rumored to be on his way out. Could this financial news affect the club’s search for a new manager? Will they be willing to pay for a new one?