AC Milan owner Yonghong Li has been declared bankrupt and is now insolvent with his assets being auctioned off on the Chinese version of Ebay
The news will come as a significant blow for Milan, who had been hoping that Yonghong Li would bring the required financial investment to the club to return them back to the days of when they were one of the elite clubs in Europe.
As reported on Football-Italia, Yonghong Li’s assets were revealed to have been put on auction on Ebay and that the New York Times and the financial newspaper Sole 24 had conducted investigations into Li’s financial activities following speculation that all was not well with the 48 year-old Chinese businessman.
Packaging firm Zhuhai Zhongfu has been ordered to be put up for sale via an auction by the tribunal in Futian to repay the Jiangsu and Canton banks. Li’s holding company held a 11.39% stake in the firm and it was previously believed that the packaging firm was valued at €60m.
Li took over the helm at Milan last summer from former Italian Prime Minister Silvio Berlusconi for €740m and promised the fans that it was his intention to bring the club back to their former glory days.
It has now been revealed that Li had in fact taken a massive high-interest loan from vulture fund Elliott Management. Now he is unable to repay the loan, Li is being sued for unpaid debts by two banks and the tribunal will put his assets up for auction via Taobao.
So far, Milan have made no comment on the matter.