June 14 – Milan prosecutors have asked for a case against former AC Milan owner Li Yonghong over alleged false accounting to be dropped after a lengthy investigation.
The Chinese entrepreneur bought the club in 2017 with the help of US hedge fund Elliott after a protracted negotiation with former owner Silvio Berlusconi’s holding company as he struggled to raise the €740 million to complete the acquisition.
The US fund assumed control only a year later after Li failed to make a repayment.
Reports have since been submitted by Italy’s finance police over potentially suspicious activities relating to Li’s purchase.
But the afore-mentioned investigation did not yield sufficient evidence to proceed, a source told Reuters.
Elliott sold the seven-time European champions to US investment firm RedBird Capital Partners in 2022, in a deal valuing the club at €1.2 billion.
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Source link : https://www.insideworldfootball.com/2024/06/14/italian-prosecutors-drop-financial-fraud-case-former-ac-milan-owner-li-yonghong/
Author : Paul Nicholson
Publish date : 2024-06-14 08:07:59
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