A. C. Milan, an Italian football club, is in financial trouble and its owner, Chinese tycoon Yonghong Li, was planning to tackle the Rossoneri crisis with crypto coins. However, his attempt was unsuccessful due to Li’s own delicate financial situation.
The Chinese businessman, in order to acquire the Italian club, received a loan from the North American Elliot fund for a total of 303 million euros. The repayment of this debt, plus approximately 37 million euros in interest, must be made before October of this year and the Chinese businessman gives no sign of having this money.
It is precisely at this point that Li intended to use the cryptocurrencies. The businessman, urged to pay Elliot, decided to try to refinance his debt through bitcoins through a specialized agency. But unfortunately for him, the few guarantees he offered and the short time available were reason enough for Li’s strategy to be rejected by the firm.
The majority shareholder of the A.C. Milan has been under scrutiny since the Shenzhen court certified that the Shenzhen Jie Ande company, through which he bought the club, is bankrupt. So its battered financial credibility now puts this club, which is highly recognized at the European level, at risk.
Between 19 and 20 April, UEFA will examine the Italian club’s accounts to determine whether sanctions should be imposed on the club, which could fail to play in European competitions next year. In addition, according to local media reports, the Elliot fund could keep the club and resell it to the highest bidder if the interest on the loan for its purchase is not paid off on time. For his part, Belgium’s Yves Laterme, chairman of UEFA’s Fair Play Commission, will be responsible for deciding the club’s future.
The relationship between football and cryptocurrencies has been growing lately. A few days ago, the former striker of the English national football team and the Spanish club Real Madrid, Michael Owen, announced his alliance with Global Crypto Offering Exchange (GCOX) to create his own token, the OWN. Others who have joined this wave of cryptocurrencies and football have been Ronaldinho and Roberto Carlos, who joined the Sportyfi project, while Lionel Messi joined Sirin Labs.