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Yonghong Li declared bankrupt, Rossoneri future uncertain

AC Milan’s owner declared bankrupt, which could mean bad news for the Rossoneri.

AC Milan Press Conference Photo by Studio Buzzi/AC Milan via Getty Images

This is the kind news we didn’t want to see and definitely didn’t need. As firstly reported by Corriere della Sera, AC Milan’s owner, Yonghong Li is bankrupt and his his assets will be auctioned on Taobao.

We already knew that the Chinese businessman had to take a huge loan to complete the €740 million move in order to take the club’s ownership, but what is actually new is the fact that he was already insolvent at the time. Li owns a small part — only 12% — of a packaging company, which has been valued around €60M, and his shares will be auctioned on the “Chinese eBay”.

What does it mean for the Rossoneri? Well, it’s still early to say something clear, but it’s quite sure that this summer’s market and the next few months won’t see a lot of expensive moves and this is not even the worst scenario. However, everything should be analyzed better and this will need time.

Now it’s all up to Elliot Management, given that it’s likely to become the owner of the club.