Milan Should Refund To China?
It is said today that if the Chinese government can force AC Milan investors to withdraw their money around 200 million Euros and be returned to the Bamboo Curtain country.
Investor Yonghong Li took over the Rossoneri earlier this year, with a loan from a US Fund Provider, the U.S. Elliott Management to complete the deal.
Part of the reason is the difficulty of moving funds from China, with the government recently cracking down on investments to foreign places.
Therefore the Chinese government will hold its congress on October 18, which is expected to have new restrictions on foreign investment, and as soon as possible will be announced to the public.
According to Italian media, this is unlikely to affect Inter and its owner Suning Group, but it can be difficult for Diavolo.
There may be around 200 million Euros, invested by Huarong and Haixia funds could be brought back to China, the newspaper reported.
Li is looking for new investors to bear the financial burden, but Milan have to pay back 253 million euros Elliott in October, with 180 million Euro which carries an interest rate of about 11.5 percent.
If the debt is not repaid, then all or part of the club will be owned by the fund provider.