AC Milan’s sale to Sino Europe Sports is off, with Yonghong Li set to become the new owner once the deal is completed on April 4.
The long drawn out saga took an unexpected twist on Saturday, as the conglomerate – which had brought together numerous investors aiming to buy the Rossoneri from Silvio Berlusconi – disbanded.
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Several delays have postponed the completion of the deal, which was set for last year, and with the number of investors dwindling in recent weeks, the company has been replaced by a new holding group – Rossoneri Sport Investment Lux, which operates out of Luxembourg.
Li is the lone shareholder remaining and will finance his takeover bid with loans and offshore accounts due to the Chinese government’s clamp down on cash leaving the country for Europe.
The new holding group released a statement confirming that the deal will be completed in April, while making it clear the funds needed to finalise the deal are in place.
“Rossoneri Sport Investment Lux announces that all agreements have been finalized with regards to making all the necessary funds available to finalise the acquisition,” the statement read.
“Following a deep analysis, a new structure has been worked out, completely outside of China, in order to help bring the transaction to a successful conclusion.
“The new entity that has formally taken the place of SES in the operation is Rossoneri Sport Investment Lux, controlled by Yonghong Li.”
The news is unlikely to put Rossoneri fans at ease, with the club’s future under new foreign ownership still a big question mark given the initial agreement was reached back in August 2016.
