The deadline to repay Elliott’s 32 million cash injection passed on midnight Friday without Yonghong Li repaying. On paper Elliott can start a take over process on Monday morning. A handful of possible buyers have been rumoured leading up to this deadline and since the deadline this weekend. Li himself may be powerless now but may fight the take over in a Luxembourg court.
Dmitry Rybolovlev, the Russian owner of AS Monaco, may be working with Li to buy a majority stake and ward off the Elliott take over. Others include previously mentioned names Rocco Commisso, the Ricketts family and Stephen Ross, all of whom may by pass Li and deal directly with Elliott.
The soap opera continues while training camp is getting underway. The 2018-2019 season is on the brink of being another ‘year zero’. Milan is already being left behind in the team building process with the transfer market in full swing with other teams operating within the much maligned Financial Fair Play process, even if questionably so.
The aforementioned FFP is of course having a bearing on the team and any future ownership’s interest. UEFA banned Milan from European competition for one year and a conditional second year. The team have appealed to CAS (Court of Arbitration for Sport) with a ruling expected by July 19th.