Sino-Europe Sports‘ takeover of Milan has taken another step forward after the two holding companies, Willy Shine International Holdings Limited and Rossoneri Sport Investment Co., Limited, settled their contract.
This contract, which tied Sino-Europe Sports with the British Virgin Islands, has now been fully paid off. According to official documents seen by Calcio e Finanza, the loan of HK$830 million (around €102 million) for the payment of the second deposit to Fininvest was fully repaid by Rossoneri Sport Investment (Sino-Europe Sports’ Hong Kong-based holding company) to Willy Shine International (the holding company based in Tortola in the British Virgin Islands) on 23rd January.
The loan, as stated in the document, was “repaid in full”; furthermore, the capital of Rossoneri Champion Co. Limited was released from all obligations and liabilities after it had been granted as collateral to the club for the payment of the second deposit.
As in the contract for the financing of the takeover, the contract was signed by Ren Yubin (for Willy Shine International) and Chen Huashan (who works with Yonghong Li in the takeover group headed by Sino-Europe) for Rossoneri Sport.
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