Yonghong Li lost AC Milan when he defaulted on a €303M loan from Elliott Management.GETTY IMAGES
Paolo Berlusconi was "stunned" by Li Yonghong's failed ownership of AC Milan and claimed that the businessman "lost" €500M ($575M) from his takeover, according to FOOTBALL ITALIA. Li lost AC Milan to Elliott Management after he defaulted on a €303M ($348.6M) loan. Paolo Berlusconi sympathized with Li, who "behaved very well" during his initial talks with former AC Milan Owner Silvio Berlusconi and was "abandoned" by other members of his consortium. Paolo Berlusconi said, "I was stunned. He behaved very well with us and paid everything he had to pay. There was also a lot of fair play from Silvio. [Li] had inconsiderately paid a deposit of €200M ($230M) without paying the remainder before the scheduled date, but my brother gave him time. The Chinese government has changed philosophy. Li Yonghong was left alone, abandoned by his fellow travelers" (FOOTBALL ITALIA, 10/17). FOOTBALL ITALIA reported Li reportedly had his passport revoked by Chinese authorities "after running up too many debts." Several Chinese sources reported a court in Hubei province prohibited the former owner from leaving the country "due to his accumulated debts" (FOOTBALL ITALIA, 10/17).
