Oh for crying out loud.
The reported sale of Milan from Yonghong Li to American business magnate Rocco Commisso is off.
BREAKING: Shock turnaround, as Yonghong Li changes the terms of the agreement and breaks off negotiations for Rocco Commisso takeover. He now wants to repay €32m to Elliott Management https://t.co/tl3Ca8sAJL pic.twitter.com/qK5Y3a8yV6— footballitalia (@footballitalia) June 26, 2018
Yeah, so apparently Li changed the terms of the deal at the last minute, angering Commisso and leading to the American walking away from the deal. Li reportedly thinks he can get the €32 million to pay back Elliott Management by 6 July, and so instead of simply taking the money that Commisso was offering, the sale is now off. The deal was reportedly €500 million and taking on the €380 million debt to Elliott. and Li is rumoured to have wanted to keep a 25% stake of the club, instead of a stake between 15-20%, which was untenable to Commisso.
So what is Li’s endgame here? Who knows. The deal that Commisso offered for Milan was probably the best that Li would get, and considering the negotiations had reportedly been going on for approximately 40 days, for Li to suddenly change the deal at the 11th hour is mind-boggling.
None of this makes any sense, but then again, the sale to Li didn’t make any sense in the first place as well.
On to the links.
AC Milan and Italian Football Links
Milan will reportedly learn what sanctions UEFA will levy against them today. [Football-Italia.net]
World Football Links