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Former AC Milan Owner Reportedly Is Yet To Repay Loan Used To Buy The Club

The Milan woes for Li are not done yet.

AC Milan Press Conference
MILAN, ITALY - APRIL 14: In this handout photo provided by AC Milan, New AC Milan Owner and President Yonghong Li attends a press conference to unveil AC Milan new owners on April 14, 2017 in Milan, Italy. (Photo by Handout/Getty Images)
Photo by Handout/Getty Images

Calcio e Finanza are reporting that former AC Milan owner Yonghong Li will have a run in with creditors over a loan he took out to buy the club back in 2017. Li took over the club in the summer of 2017 and lost it in about a year when he defaulted on his loan with Elliot Management who seized the club thereafter. The report indicates that Li borrowed money from Teamway to the sum of $8.3 million. Their loan was granted by a subsidiary of Teamway called Great Earn International Limited.

A lawsuit has reportedly been filed in August 2018 and an agreement was reached in September 2019 where Li was expected to pay back $7.3 million. The report notes that this sum has not yet been paid back yet. The Hong Kong based company are now reportedly seeking advice from their lawyers to take the issue forward against Li and his wife Huang Qingbo.