Toronto Escorts

UEFA exclude AC Milan from participating in European competition for the next two sea

danmand

Well-known member
Nov 28, 2003
46,353
4,776
113
UEFA exclude AC Milan from participating in European competition for the next two seasons.
 

Insidious Von

My head is my home
Sep 12, 2007
38,100
6,429
113
Li Yonghong has doomed Milan to Serie C.

He cannot meet his financial commitment to Elliot Management Co, but he wants a greater stake in the team. A deal with Mediacom owner Rocco Commisso was revoked after Li wanted a 35% stake in the club. Never mind that Commisso was willing to pay Li debt to the hedge fund. If Ricketts still wants to buy the team he should wait until Elliot removes Li as owner.

The decision should be appealed, but cannot be as long as Li is in charge.
 

bver_hunter

Well-known member
Nov 5, 2005
27,340
5,565
113
Milan were taken over in 2016 and spent over £170m on new players last summer, including Italian defender Leonardo Bonucci and Portugal striker Andre Silva.
The Adjudicatory Chamber of the Club Financial Control Body (CFCB), chaired by José Narciso da Cunha Rodrigues, has taken a decision in the case of the club AC Milan that had been referred to it by the CFCB Chief Investigator for the breach of the UEFA Club Licensing and Financial Fair Play Regulations, in particular the break-even requirement.
 

Insidious Von

My head is my home
Sep 12, 2007
38,100
6,429
113
Yonghong Li just missed another interest payment, he nixed the deal with Rocco Commisso to protect his stake on the team. If Elliot Management takes over his shares will be worth nothing and Milan will be relegated.

Li total debt to Elliot has now risen to $552 million US.
 

Insidious Von

My head is my home
Sep 12, 2007
38,100
6,429
113
It's official.

Li Yonghong has been ousted as owner of Ac Milan for failure to make his financial obligations. Paul Singer (Elliot Management) is now the new owner of the club. What that means for the historic club, I have no idea. Li gambit failed miserably as neither Commisso nor Ricketts bought into his song and dance. Li is a shitty poker player, his bluff got called.

 

Insidious Von

My head is my home
Sep 12, 2007
38,100
6,429
113
Of the potential buyers.

The Ricketts are old money with a net worth similar to the Glazer family, owners of Manchester United.

Rocco Commisso's career is much more interesting. He started MediaCom from scratch and built it up while working in corporate financing with Chase Manhattan (no friend of Trump) then with RBC. It was while working for Royal Bank, that he started to buy up regional cable companies in the USA. He bought out RBC's stake in Mediacom in 2011 and turned it into a private company under his ownership. In 2017 he bought the New York Cosmos, a once legendary franchise. Not sure if that's a wise investment since NASL is struggling, Edmonton folded.
 
Toronto Escorts