Former Milan owner Yonghong Li has hit back at Ivan Gazidis’ claim that Elliott Management saved the club from bankruptcy, calling it “fake news”.
The hedge fund seized control of the Rossoneri after the Chinese businessman defaulted on his €300m loan in the summer of 2018, before quickly fading back into obscurity.
However, he recently opened an official account on Twitter, which is banned in his homeland, to relay his side of the story to Milan fans.
“Gazidis said Elliott saved ACM from bankruptcy. That’s fake news,” he wrote.
“As David said: ‘The cash in the account of ACM was locked by Elliott and we couldn’t use it…after we left the club, there was still a lot of money we’d injected.’ Gazidis, did you know your salary was my money?”
The former Arsenal CEO gave an interview in October, where claimed the Diavolo could’ve ended up tumbling down the divisions.
“We inherited a club that risked going bankrupt and could’ve dropped into Serie B like Parma and Fiorentina,” he warned.
“We found debts that took us out of cup competitions. We’ve had to face difficulties, that’s undeniable.”
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— AC Milan (@acmilan) September 13, 2019