Former AC Milan owner Yonghong Li isn’t ready to give up his fight for the club after hitting out at Elliot Management.
The Chinese businessman lost control of the club after failing to repay €32 million to the investment fund, but it appears the drama hasn’t ended there.
Li has accused Elliot of misleading him, and even preventing him from selling to interested buyers during his final days.
“It is with great regret that, as president, I write this letter to all fans, shareholders and employees of the prestigious AC Milan,” he told Il Sole 24.
“First of all, I would like to clarify the following. My purchase of Milan was neither a rash decision or one dictated by a passing infatuation.
“It stemmed from my passion for the team and belief in the economic potential of an investment in one of the most noble football teams in the world.
“Until June 30, 2018, I had paid almost €880m for Milan, of which only €280m was funded through Elliott, while I personally provided the remaining part.
“I was convinced that Elliott were trustworthy investors and, most of all, a partner to share the duties and honours of a truly stimulating adventure like the ownership of a team who, throughout their glorious history, have won, among other trophies, seven Champions Leagues and 18 Serie A titles.
“I made a mistake and only discovered it to my great detriment during my tenure. Elliott showed itself from the start to not be the partner I imagined but rather a lender totally disinterested in the complex management of a club of Milan’s standing, despite its control of the team’s board.
“All this happened despite repeated declarations from the fund regarding its alleged support for the club.
“I am ready to fight and I will do it to safeguard my rights and give assurances to the AC Milan shareholders, whom my beloved club deserve.
“Any deliberate and intentional manoeuvres to reduce the value of AC Milan will be prosecuted by law. Thank you for your hospitality and attention.”
Source: forzaitalianfootball.com