According to an official statement recently released, Yonghong Li finalized the funding for the AC Milan acquisition.
“In reference to the agreement signed with Fininvest S.p.A., which provides for Friday, April 14th, 2017, the closing date on the sale of investments held by Fininvest in AC Milan, Rossoneri Sport Investment Lux announces that the agreements were finalized for the provision of all the necessary funds to close the acquisition.”
According to Il Sole 24 Ore, the funds would come from a € 180 million loan granted by the US fund Elliot. Therefore, we are moving towards the closing that will take place on April 14th, 2017, the date that Yonghong Li and Fininvest set together.
The other news of the day is that Yonghong Li closed Sino-Europe Sports, the holding company that initially was supposed to include all investors interested in buying AC Milan. “Following a deep analysis, a new structure completely external to China has been defined in order to complete the transaction – the statement explained – The new entity which formally took over SES in the transaction is the Rossoneri Sport Investment Lux, a company controlled by Yonghong Li.”
Given the difficulty in raising funds in China, Yonghong Li decided to transfer the headquarters of the negotiation to Luxembourg.
As reported by MilanNews.it, Fininvest was satisfied with the communication that Rossoneri Sport Investment Lux released. Over the next few days, the AC Milan Board of Directors will meet up to get ready for the final acquisition of the club that will take place on April 14th.