AC Milan's former owner Li Yonghong has been added to China’s blacklist of untrustworthy individuals over millions of dollars unpaid in debts.
The former AC Milan owner, Li Yonghong, has been added to China’s blacklist of untrustworthy individuals over millions of dollars unpaid in debts, according to a local court, which decided to prevent him from leaving the country.
Li bought the team from former Italian Prime Minister Silvio Berlusconi in 2017, however, his control of the Rossoneri was plagued from the start and a creditor took over the club this summer.
Milan made a loss of €126m in their one and only year under the ownership of Li Yonghong.— Team Milan AC (@TeamMilanAC) 12 October 2018
The balance sheet, which must be approved by Elliott Management during the Rossoneri’s shareholder meeting on October 25, is the first and last of the Li era. pic.twitter.com/eiTVWFOb2B
An order by the Jingmen City Intermediate People’s Court in central China made clear Li’s declining fortunes. The 49-year-old was on the hook for 60 million yuan (US$8.7 million) in unpaid debt to an investment company in the province of Hubei, and a 12 million yuan (US$1.7 million) penalty. No assets were found to seize and repay the creditor as Li had no bank deposits registered to his name.
By being included in the blacklist of untrustworthy individuals, the former Milan owner is restricted from traveling by high-speed train and airplane, staying in pricey hotels or getting a credit card. American investment firm Elliot Management Corporation are now the majority shareholders of the Rossoneri, with Paolo Maldini serving as sporting strategy & development director of the club.