The Italian newspaper La Repubblica reported that the president of the football club, Yonghong Li, is trying to refinance the Milan football club using bitcoin.
Recall that Yonghong Li purchased the club from Silvio Berlusconi for 740 million euros, of which only 100 million were paid from personal funds, and the rest were obtained through loans.
Football Italia reported that by October Lee must repay the loan of 180 million euros that he took from the hedge fund Elliott Management to acquire the club. If the club's owner does not pay €10 million in debt by April 4, then Elliott Management will take ownership of the Milan club. Club members are demanding proof of financial progress from their leader, given the spreading rumors of his bankruptcy.
Italian football expert Gabriele Marcotti recently questioned the refinancing efforts: “If the President of the club has bitcoin, let him use it to pay off the debt. I don’t understand how bitcoin can help with refinancing.”
In addition, Rossoneri Sport, the de jure owner of FC Milan, must have 35 million euros in capital by June 30 in order to gain the right to participate in Serie A of the 2018-19 Italian Football Championship.
However, Yonghong Li continues to deny any rumors of bankruptcy: “My personal funds are fine,” he says on social networks.
According to http://bleacherreport.com
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