AC Milan owner Yonghong Li declared ‘bankrupt’ with businessman’s assets to be ‘auctioned off on Chinese version of Ebay’
Reports claim he is unable to pay back high-interest loan taken from hedge fund and is being sued by two banks
AC MILAN'S owner Yonghong Li has declared bankruptcy and his assets will be auctioned off, according to reports Italy.
The initial deal was frequently delayed as Li was unable to stump up the entire fee, and subsequently took out a loan from high-interest hedge fund Elliott Management.
The report claims he can no longer afford to pay the money back, and is also being sued by two other banks over unpaid debts.
On top of that, it claims he was already insolvent at the time he completed the deal last April.
Li had also been investigated by the China Securities Regulatory Commission over illicit practices from his holding company Shenzhen Jie Ande, after failing to disclose their bankruptcy.
Former owner Silvio Berlusconi had put the club up for sale for some time before a deal was concluded.
But had insisted the reason for the delay was because he wanted to ensure the buyers had Milan's best interests at heart.