The ownership of Yonghong Li will go down in the history of Milan as an absurd time for the club. Dodgy owners with questionable finances are not new to football, but somehow this ownership group might go down as the craziest of all.
Calcio e Finanza reports former #ACMilan CEO Marco Fassone's business plan rejected by #UEFA forecast €90m of revenue from China in 2017-18 - the actual revenue was €606,000. https://t.co/778Z6nH8wy pic.twitter.com/B2es8373JX— footballitalia (@footballitalia) October 15, 2018
It wasn’t just the unknown element of Li, it wasn’t just the questions surrounding where he got the money to buy Milan at an insane price, and it wasn’t just the eventual and inevitable default on his loans that allowed Elliott Management to take over the club that will prove to be the most absurd.
What will go down as the most absurd thing about the ownership and the time at the club is that anyone ever took them seriously. Marco Fassone reportedly filed a business plan with UEFA that reported projected income from China to be around €90 million for the 2017-18 season. It’s actually come in at €606,000.
While UEFA was able to see through the smokescreen and smell the foul air emitting from the business plans submitted by Fassone, why didn’t anyone else in Italy? It all seems so strange now, but hey, all’s well that ends well, right?
With Elliott Management lending Li gobs of money at downright absurd rates and a rather quick payback time, perhaps Paul Singer & company also saw through the charade and saw an opportunity to pick up a legendary football club on the cheap.
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