Yonghong Li has warned Elliott not to finalize the Milan takeover until their ongoing lawsuit is resolved. His initiative is not believed to be a major obstacle, but it may further slow down the process. Investcorp and RedBird Capital are vying to acquire the Rossoneri for over €1B.
According to Repubblica, the Chinese tycoon issued an injunction on April 26th. He informed the Bahraini fund as well, while the American one was not in the picture yet. The current owners have not formally replied to it. Li wants to prevent Elliott from conducting actions that could impede their legal battle, which started in 2021, de facto stalling the sale of the club. He thinks to be owed €319M due to how the previous Milan takeover went down.
The request stems from the difference between the supposed value of the team in July 2018, €600M, and his €281M credit to Elliott. The Paul Singer-led conglomerate had financed his purchase from Silvio Berlusconi the year before. They took control of the club when the Chinese businessman failed to meet a deadline to pay a €32M installment.
According to the publication, it will take time for the Luxembourgian justice to sort out the situation. In theory, Li could demand, and obtain, to invalidate the 2018’s change of ownership if he obtained a ruling in his favor. He used Milan as collateral to get a loan from Elliott. They turned down his request to get a postponement at the time. Li had originally bought the Rossoneri for €740M.