Milan (AFP) – AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as “fake news”.
AC Milan owner Li dismisses bankrupt reports as ‘fake news’
Chinese businessman Li — who purchased the Italian club for 740 million euros ($911 million) in April 2017 — was responding to reports that he has been ordered to auction off his assets to repay unpaid loans to two banks.
Italian daily Corriere della Sera claimed that the 48-year-old entrepreneur was already insolvent at the time he purchased the club from Italian media tycoon and former prime minister Silvio Berlusconi.
“I have seen that over the past 48 hours, some media have i…
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