Doubts Over AC Milan Finances Persist as Report Claims Club Took High Interest Loan in the Summer

AC Milan are reported to have received a high interest €7m loan during the summer, paid from a company in Hong Kong to the corporation owned by Rossoneri chairman Li Yonghong that is the registered owner of the club.

According to reports emerging from Italy, the loan was paid in August and is subject to an interest rate as high as 14%.

The company that loaned the money was Jin Bao Bao Holdings Limited, apparently registered in the Cayman Islands, but listed on the Hong Kong stock exchange.

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It is said that company was later renamed to Teamway International Group Holdings Ltd.

Rossoneri Sport Investment (RSI) is the listed borrower in the document that alleges the existence of the loan, the company that owns Milan. RSI is in turn owned by Li's company Rossoneri Advance Co. The news has brought fresh speculation about Milan's finances.

In a bid to bridge the gap to the top of Serie A and compete for the title for the first time in a number of years, the Milan hierarchy sanctioned close to €200m worth of spending in the summer, with players like Leonardo Bonucci, Andre Silva and Hakan Calhanoglu brought in.

The huge investment is yet to yield results, though. Milan sit 11th in the table after nine games, already 13 points off the pace and nine points back from the Champions League places. The weekend's 0-0 draw against Genoa ended a run of three straight league defeats.