AC Milan president and owner Li Yonghong vehemently denies bankruptcy reports

By Jesse Reed
Peter G. Aiken-USA TODAY Sports

Last year, Li Yonghong bought AC Milan for £628m and made a commitment to build a new stadium for the Serie A club. Recently, Italian newspaper Corriere della Sera reported the new owner was having to auction off his assets to settle debts, falling into bankruptcy.

On Tuesday, Li strongly denied those allegations in a statement provided by the club. He said they have “severely damaged” the club, his companies and his family.

“We do not understand the purpose of these allegations but they have now reached the point where the Club is severely damaged by them and so are my companies and my family. I want therefore to take the opportunity to explain – hoping this will be the last time – that the situation concerning my assets is safe and sound and that both the Club and my companies are steadily working. I, therefore, hope that no credit is given to the latest news that isn’t true and that attention can be focused on what we all care about as in the management of and the improvements of the team and that we all keep supporting coach Rino Gattuso. We will do everything we can to bring the Club back to the top.”

The club isn’t off to a hot start under its new owner. AC Milan currently ranks seventh in Serie A, fired manager Vincenzo Montella last November and replaced him with Gennaro Gattuso.