AC Milan Grant Owners Extension on Missing €10m As Hedge Fund Look Set to Takeover Club

AC Milan’s financial struggles have been the topic of interest as of late, and I Rossoneri are reportedly ready to wait until April 4 for Yonghong Li to provide the missing €10m before Elliott Management steps in.

According to Italian outlet Corriere della Sera, the deadline was meant to be on Friday for the Milan president to pay the missing €10m to complete the capital increase.

The report goes onto claim that the Board of Directors are willing to wait until no later than April 4 to see if Li can find the money, before hedge fund Elliott Management step in and effectively take over the club.

This is worrying times for the clubs hierarchy as the Rossoneri will need an estimated

€35m of capital by June 30 in order to keep the side afloat and be able to register for the next Serie A campaign.

This news comes amid reports earlier in the week from Italian paper II Sole 24 Ore, who claimed that Chinese lenders are cautious about granting further loans to the Milan President.

Yonghong Li was initially only able to buy Milan with the aid of €180m in loans from American investment firm Elliott Management, a loan that has to be repaid fully by October 2018.

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It is in Elliott’s interests to keep the Serie A club afloat as the U.S hedge fund needs their asset to retain value.

Luckily it's not all doom and gloom for I Rossoneri as their situation on the pitch is a severe contrast to that up in the director's board. They are in contention to qualify for the UEFA Champions League for the first time in three seasons as they sit five points outside the top four. 

However, they face a stern test next week when they come up against league leaders Juventus in a clash of the Italian heavyweights.