Former AC Milan owner, Yonghong Li, Chinese businessman, is now causing trouble for Elliott Management Corporation in addition to Blue Skye. The Chinese businessman, assisted in Italy by the Cleary Gottlieb firm, has in fact obtained the seizure of an amount of 364 million euros by the Luxembourg Court.
This was revealed by Il Sole 24 Ore, explaining that the lawsuit involves the vehicles that control MIlan, i.e. Rossoneri Sport Investment, whose 100% is in turn controlled by Project Redblack. The seizure concerns a credit of Project Redblack against Rossoneri Sport, that is the company that in turn controls Milan. In any case, this is a temporary measure obtained through the Luxembourg Court, pending an appeal from the Elliott fund. Yonghong Li aims to recover some of the lost money and his compensation claims are based on his evaluation of the Rossoneri club, dating back to 2018.
This was relayed by Calcio e Finanza.
