Overview
- A Hong Kong judge declared Yonghong Li insolvent and entered bankruptcy, stating there was no injustice in doing so.
- The ruling addresses about $289.17 million in unpaid liabilities connected to financing for his 2017 acquisition of AC Milan.
- A January hearing will advance the liquidation of Rossoneri Advance Co. Limited, a process that does not affect the club’s current ownership since Elliott took control in 2018.
- Rossoneri Advance was part of Li’s takeover structure and issued a $150 million bond that helped fund the purchase from Fininvest.
- The court rejected Li’s objections as baseless, noting his guarantee made him a principal debtor, with creditor moves led by Cayman funds linked to China Citic and a liquidation petition from General Fantasy Limited.