Former AC Milan owner Yonghong Li, who bought the Serie A club from Silvio Berlusconi in 2017 and lost control a year later, has been declared bankrupt.
The Chinese businessman raised eyebrows when he purchased the Italian team from Berlusconi in April 2017 at a cost of over €500m.
This was largely achieved thanks to a loan worth €303m plus a very high interest rate from Elliott Management.
MILAN, ITALY – APRIL 14: (L-R) AC Milan new board member David Han Li, new AC Milan Owner and President Yonghong Li, new AC Milan CEO Marco Fassone attend a press confernce to unveil AC Milan new owners on April 14, 2017 in Milan, Italy. (Photo by Studio Buzzi/AC Milan via Getty Images)
Now a tribunal in Hong Kong has made a bankruptcy order…