Ousted AC Milan chief Li Yonghong slams current club owners

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Bengaluru, July 22: Tensions on the field for AC Milan have reached off the field as well. Ever since Silvio Berlusconi sold the club to a foreign company, things haven’t been the same for the legendary Serie A giants. Milan haven’t tasted any major domestic or European glory for a while now, and recently the club ousted president Li Yonghong.

Earlier this month Li defaulted on a payment as part of the €300 million debt owed to Elliott, prompting the US-based hedge fund to repossess the holding company in Luxembourg that Li used to buy seven-time European champion Milan in April 2017. Paolo Scaroni was appointed as new chairman as the club heralded the "dawn of a new era" under new owners Elliott Management.

Li hit back at Elliot for the decision. "It is with great regret that, as president, I address this letter to all fans, shareholders and employees of the prestigious AC Milan,” he said in a letter to Il Sole 24.

"Despite the numerous and incorrect rumours that emerged in the Italian and international press, I can confirm that the Shareholders’ Meeting, called by Elliott for July 21, will sanction my exit and those of the directors I appointed to the club’s board.

"I was convinced that Elliott was a trustworthy investor and, above all, a partner to share the duties and honors of a stimulating adventure like the ownership of a team who, throughout their glorious history, have won, among other trophies, seven Champions Leagues and 18 Serie A titles.

"I made a mistake and only discovered it to my great detriment during my tenure. Elliott showed itself from the start to not be the partner I imagined but rather a lender totally disinterested in the complex management of a club of Milan’s standing, despite its control of the team’s board.”

AC Milan signed players worth €200 million last summer but failed to make any meaningful impact. The club was also recently accused by UEFA on grounds of Financial Fair Play where they received a 2-year ban from UEFA competitions. However, the ban was reinstated as the Court of Arbitration for Sport (CAS) overturned the decision .