Italian prosecutors drop financial fraud case against former AC Milan owner Li Yonghong

June 14 – Milan prosecutors have asked for a case against former AC Milan owner Li Yonghong over alleged false accounting to be dropped after a lengthy investigation.

The Chinese entrepreneur bought the club in 2017 with the help of US hedge fund Elliott after a protracted negotiation with former owner Silvio Berlusconi’s holding company as he struggled to raise the €740 million to complete the acquisition.

The US fund assumed control only a year later after Li failed to make a repayment.

Reports have since been submitted by Italy’s finance police over potentially suspicious activities relating to Li’s purchase.

But the afore-mentioned investigation did not yield sufficient evidence to proceed, a source told Reuters.

Elliott sold the seven-time European champions to US investment firm RedBird Capital Partners in 2022, in a deal valuing the club at €1.2 billion.

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