© Reuters. THE OWNER OF THE AC MILAN NOT READY TO SELL IT CHEAPER
MILAN (Reuters) – The owner of chinese AC Milan considers the club of Italian football to around 700 million euros and does not agree to sell it quickly but at a lower price in the baron of the american television Rocco Commisso, a-t-on learned.
Several candidates are interested in AC Milan, whose owner, Li Yonghong, is in a difficult situation. Li Yonghong risk of losing control of the club for the benefit of its creditors, the american investment fund Elliott, if he does not pay 32 million euros before the 6 July.
The offer of Commisso values the club at around 500 million euros, debt included, have indicated a number of sources. Li decided that the value of the club, including debt, is expected to be higher than 200 million euros, said a source close to chinese businessman.
“This is not a case that you conclude in three weeks”, a-t-on said about the offer of Rocco Commisso.
Rocco Commisso, who is the owner of the football team New York Cosmos, has proposed to buy 70% of the club to Li Yonghong, said. The family Ricketts, owner of the baseball team of the Chicago Cubs, has also expressed his interest in AC Milan.
Rocco Commisso said Friday in a press release that Li Yonghong was not willing to conclude an agreement on acceptable terms in a timely manner. The press release does not give the amount of his bid.
“Given the passion of Commisso for the game of football and links with his native Italy, this situation is extremely unpleasant for him,” the statement said.
Complicating the situation, the european football governing body has banned AC Milan to participate in the Europa League next season due to finances uncertain. Participation in the League has significant financial benefits.
AC Milan has decided to make an appeal against the ban from UEFA before the Court of Arbitration for Sport in Lausanne, Switzerland. The court has not yet set a date for the hearing.
AC Milan and Li Yonghong have a total debt of $ 308 million euros to the fund Elliott, which has lent € 180 million to Li and 128 million euros to AC Milan to fund the purchase of players and pay off the debt of the club from the banks.
Commisso has offered to take back any debt and would invest $ 150 million additional euros for the acquisition of new players and to manage the club, according to some sources.
It would pay also to the 32 million euros owed by Li Yonghong fund Elliott.
(Elvira Pollina and Paola Arosio; Danielle Rouquié for the French service)