His name, as one journalist put it, is now “just a sad and bad memory” for Milan supporters. Less than two years after Li Yonghong signed a preliminary agreement with Silvio Berlusconi to take over the club which once marketed itself as “the most titled in the world”, an eight-second video clip of the Chinese businessman at a family barbecue went viral in Italy this past week.
It was the first time Li had been seen since he defaulted on a €32m loan to help Milan resolve a problem relating to Uefa’s financial fair play regulations at the end of last season. Elliott Management, the American hedge fund company which had previously provided another loan of €300m to allow Li to complete his €740m takeover last year, immediately moved in and assumed control in July, promising to invest more than €50m in an attempt to stabilise the seven-times European Cup winners.
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