Kas mitte vana Berlu isegi polnud Interi fänn noorena? Või oli see lihtsalt kadedate konkurentide laim?
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Üleminekuhuumorit ka.
Higuain oleks valmis Milani tulema.
Me kõik teame, kuidas teda meelitada ja kes on õige mees seda tegema.
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Last minute news (Il Sole 24 Ore). In the Saras offices in Milan, a meeting would be held with all the company's intelligence to prepare an offer for Elliott. There is talk of 570 million euros. Moratti in first person took the field. What is even stranger is that it seems to have been contacted by Berlusconi. The agreement would then be the transfer of a small share to Silvio and make him honorary president. Further developments soon.
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Algselt postitas Jr Vaata postitustLast minute news (Il Sole 24 Ore). In the Saras offices in Milan, a meeting would be held with all the company's intelligence to prepare an offer for Elliott. There is talk of 570 million euros. Moratti in first person took the field. What is even stranger is that it seems to have been contacted by Berlusconi. The agreement would then be the transfer of a small share to Silvio and make him honorary president. Further developments soon.
There was a rumour that incoming Milan president Paolo Scaroni met with former owner Silvio Berlusconi yesterday. According to @Gazzetta_it, this rumour is #fakenews.
aga päris kindel ei saa kunagi olla. See Il Sole 24 Ore on muidu olnud suhteliselt pädev väljaanne.Kommentaar
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Own goal: how AC Milan’s Chinese owners lost control to a US hedge fund
Li Yonghong looked victorious as he held up an AC Milan shirt outside the San Siro, the Italian club’s home ground and one of the great cathedrals of European football.It was April 2017 and the Chinese businessman had just been revealed as the new owner of one of the continent’s most successful teams after months of fevered speculation and backroom dealings.Mr Li’s triumph signalled an end of an era for the Rossoneri — the Red and Blacks — marking the exit of Silvio Berlusconi, the Italian media mogul and three-times prime minister, who sold the club for €740m after two decades of club ownership.But Mr Li’s takeover was not all it seemed. Funding for the acquisition had in part come from high-interest loans worth more than €300m from Elliott Management, the hedge fund founded by US billionaire Paul Singer.This week, there was no similar grandstanding from Elliott as that debt allowed it to take control of AC Milan. There was just a terse statement and a promise to take the club back to “the pantheon of top European football clubs where it rightly belongs”.
For those involved in the efforts to keep the club’s complex financial structure from collapse over the past 12 months, there was little surprise.“It was a battle between the meanest and savviest and most aggressive hedge fund in the world and a couple of Chinese guys whom no one had any idea where they came from,” said one person involved in financing talks.It had become obvious that the debt arrangement would be key to AC Milan’s future, turning one of the most famous names in sport into a battleground between one of the US’ most prominent activist hedge funds and an investor who came to typify the fast and loose spending of new money from China.“I have no idea how [Mr Li] is going to maintain the interest payments,” said another person familiar with the terms of the transactions on the day of the deal, speaking on condition of anonymity.“Whatever happens Elliott wins,” he added. “If he pays, Elliott wins, and if he doesn’t pay Elliott will seize the club. I would expect Elliott to own AC Milan by October next year,” he added, indicating the date of the final maturity date for the loans.The prediction was right, even if the timing was not.
Elliott took control of AC Milan this week after Mr Li failed to meet a deadline in October to pay just €32m— an amount the US hedge fund had earlier covered itself to settle a dispute with European football’s governing body Uefa.The club was last month banned from participating in any of the lucrative European competitions for a year — caused in part by the overdue loan, with Uefa expressing doubts at AC Milan’s ability to refinance the debt from Elliott and so breaching Financial Fair Play rules.But if the problems financing the AC Milan acquisition were clear to those involved in the transaction a long time before Uefa was forced to intervene, many are still puzzled about how the Chinese owners allowed the debt situation to reach crisis point.In the closing days ahead of the loan repayment, they say, Mr Li had several opportunities to sell a stake in order to raise the funds, which could even have maintained his ownership of the club.“Why didn’t he just put in the money on Friday,” asks a person involved in the talks. “He has lost €500m in equity.”“For an Anglo Saxon or even a Latin investor, this would have been a total disaster; instead the Chinese were sitting round discussing details that were totally irrelevant, like the IPO of the club in 2024,” another person said.Elliott and AC Milan declined to comment for this article. Mr Li could not be reached for comment.
For the past six months, talks had been under way to find an exit for Mr Li, according to multiple people involved in the discussions.The Chinese businessman — whose ability to fund the deal in the first place had been probed by Italian lawyers — had tried to find someone to refinance the club in London. One person involved in the attempts said that this proved a struggle: “No one would have anything to do with him.”Concerns were raised about Mr Li’s loans with Elliott. “I had to read the contract three times. I thought it was science fiction,” said another person who had seen the terms. “I had not seen anything like it in my life. I could not believe anyone had signed it.”The documents made it clear that Elliott’s support had came at a steep price: a €180m loan to Mr Li’s Luxembourg holding company carried annual interest of more than 11 per cent.The debt was a so-called “payment-in-kind” loan, a high-risk structure that allowed Mr Li to pay interest with further debt rather than cash, meaning the debt would keep rising the longer it remained unpaid.
It was this loan at the holding company that proved a major barrier to Mr Li’s efforts to repay his debts, as representatives of the club sounded out interest from numerous London-based hedge funds about refinancing the debt.“The problem was always the holding company loan,” said one adviser, who worked on this refinancing process.While several funds became comfortable with taking on the debt of the club itself, none were willing to refinance the ballooning loan at Mr Li’s holding company.The limited information around Mr Li’s wealth also became a worry for funds looking to refinance the holding company debt.“He was not able to show he had the resources to support the club and people suspected that his investment was highly leveraged in China,” said the adviser. “All that was known [to them] was he was involved in phosphorus mining and some real estate.”One hedge fund manager approached to refinance the debt described it as “uninvestable”.“When they said their family-owned phosphorus mines in China, we knew this wasn’t one for us,” he said.With efforts to refinance the club stalling, Elliott’s loan was becoming a problem. A spending spree on player transfers and wages led to a sharp deterioration in the club’s financial position, which put the loan in breach of covenants, according to people familiar with the matter. There was not much to show for its spending: AC Milan paid more than €200m for players last summer but still only finished sixth in Serie A.Kommentaar
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Talks with potential buyers ratcheted up when dozens of advisers, lawyers and bankers descended on the club at the start of June, according to multiple sources.Three potential bids were in the frame in the closing weeks, say people involved in the discussions: Rocco Commisso, an Italian-American cable television entrepreneur and owner of New York Cosmos soccer club; the Ricketts family, owners of the Chicago Cubs baseball team; and Russian billionaire Dmitry Rybolovlev, owner of AS Monaco, although there are varying accounts of how serious the latter two were. The three bidders could not be immediately reached for comment.One problem was that Mr Li, who speaks Cantonese, and David Han, his right-hand man and AC Milan’s executive director, were often hard to reach, said multiple people involved in the talks.Three people involved in the discussions with Mr Commisso said the US entrepreneur made several offers that matched the €380m value of AC Milan on Elliott’s loan book — and Mr Li rejected them all.The Ricketts family was barely in touch with Mr Li’s advisers, according to two people with knowledge of the group. They tried to broker a deal with Elliott instead, as they reached the conclusion that the hedge fund was better placed to call the final shots on any potential sale.“The situation was so chaotic. People — bankers, lawyers, advisers — had been working on this for six months and in the end came out with zero,” said one person involved.The Russian owner of AS Monaco made a final attempt to close a deal last weekend after the payment deadline had elapsed, also pledging a bridge loan of €32m to cover the amount due to Elliott, say two people informed of the matter. But Elliott said it was too late.
Now, the activist investor is in control of AC Milan’s future. Elliott is better known for shaking up boards of allegedly mismanaged companies, preferring to take a minority stake rather than running entire ventures. But this week, it vowed to inject €50m of equity capital into the venerable Serie A club.Elliott is unlikely to sell the entire club in the short term but is likely to exit within the next 18 months, said a person with knowledge of plans from the hedge fund’s team involved in the management of AC Milan.The hedge fund has pledged to get the club back on a stable financial footing and back into the good books of Uefa. This might even be able to overturn the ban on European football.Elliott is in talks to bring Riccardo Silva, owner of Miami FC, in to the club to help improve the operations, according to people close to the negotiations. Other people say the hedge fund could seek to improve AC Milan’s stadium, which it currently shares with Inter Milan, fulfilling a long held ambition.But for the fans it is more simple: they want their club restored to the top tier of world football, whoever happens to end up as owners.“How long will Elliott stay in Milan? They say they will stay until [the club] returns to the normal level of AC Milan,” said Carlo Pellegatti, a Milan-based football writer whose family have been small shareholders in the club for decades.“After all these difficult months, we cannot think about the future ownership, but enjoy the arrival of one of the richest funds in the world.”Kommentaar
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Esimene sõpakas peetakse vs Novara 20.07. Kinniste uste taga.
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Mida kardetakse, et kinni on?Kommentaar
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Dunno. Ei taheta näidata, kui sitad mõned mehed on, keda müüa üritatakse.Algselt postitas Solfice Vaata postitustKommentaar
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Homme minnakse Rahvusvahelisse Spordikohtusse õigust nõudma EL väljajätmise pärast. Otsust ei tea keegi prognoosida, aga arvatakse et klubi Elliottile üle minek on positiivne suund. Lisaks apelleeritakse sellele, et Milanile pannakse tunduvalt karmimalt kui paljudele varem on pandud. Kuulamine on hommikul ning sama päev peaks selguma ka otsus.Kommentaar
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Tänaseks vastuse saamine tundub kahtlane, sest andmine on kõva ning isegi lõunapaus jäeti ära. Eks näis.Algselt postitas orbitaaljaam Vaata postitust
Üleminekutest - Bonucci juttude järgi PSG-sse minemas, ehki ise olla öelnud, et ootame spordikohtu otsuse ära ning siis vaatame. Enne ei toimu niiehknaa midagi ühegi mängijaga kui on see aktsionäride koosolek laupäeval ära olnud plus tänane /homne otsus. Igasuguseid minekuid ja tulekuid on läbi käinud ning osad on ka sellised, et pm on kõik lukus, aga ametlikuks tehakse uue nädala alguses.Kommentaar
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Interneti vahendusel on sõprusmäng vs Novara siiski jälgitav
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Ma saan aru, et EL on mingi mudaliiga, aga mulle meeldib Milani Euroopas mängimas näha, et ma rahul.BREAKING: The Court of Arbitration for Sport (CAS) has decided to overturn the one-year ban issued by UEFA in late June.Kommentaar
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