Italian media: Former AC Milan owner Li Yonghong went bankrupt, owing 250 million euros but insolvent
6686 Sports reported on November 13 that according to Italian media market reports, the former owner of AC Milan Club Li Yonghong has declared bankruptcy and his asset liquidation process is about to be completed.
As the owner of the AC Milan club from 2017 to 2018, Li Yonghong has returned to the public eye again after the Hong Kong court declared it bankrupt.
Related news said that Li Yonghong was officially declared bankrupt in July last year and was unable to repay debts of US$289.17 million (approximately 250 million euros). The judgment stated: "Mr. Li Yonghong has lost his ability to pay his debts, and there is nothing inappropriate in declaring him bankrupt." In January next year, the court will continue to advance the liquidation process of "Rossoneri Advance Co., Ltd."
The company is one of the holding companies used by Li Yonghong to manage AC Milan. It has issued US$150 million in bonds, which was the source of financing for its acquisition of Milan from the Finingwest Group. Li Yonghong was never able to repay this debt, which eventually led to Elliott Fund exercising its pledge rights in 2018 and taking over 100% of the club's equity.
