A stunning financial downfall has hit the football world — former AC Milan owner Yonghong Li has officially been declared bankrupt.
Once hailed as the man who would restore AC Milan’s glory, the Chinese businessman’s rapid rise and even faster collapse have become one of football’s most talked-about sagas. But here’s where it gets controversial — many still question how he managed to acquire such a historic club in the first place.
Back in April 2017, Yonghong Li made headlines when he purchased the Serie A giants from long-time owner Silvio Berlusconi for a staggering sum exceeding €500 million. The deal raised eyebrows from the start, as few had ever heard of Li before this massive transaction. His purchase was largely financed through a hefty €303 million loan — with eye-watering interest rates — provided by U.S.-based hedge fund Elliott Management.
And this is the part most people miss: Li’s time at the helm of AC Milan was shockingly brief. Just a year after his takeover, in July 2018, he defaulted on loan repayments. That default allowed Elliott Management, often referred to as a “vulture fund,” to seize control of the club. In a matter of months, the dream of restoring Milan’s dominance in Europe had turned into a financial disaster.
The aftermath left a trail of confusion and unanswered questions. How could such a large and complex deal have been approved without clearer oversight? Who truly benefitted from the financial engineering behind the scenes?
Now, the story has taken another dramatic turn. A Hong Kong tribunal has officially declared Yonghong Li bankrupt over a debt estimated at $280 million (around €250 million). A further hearing on the case has been scheduled for January 2026.
According to financial outlet Calcio e Finanza, five different investment funds have taken legal action against Li. The bankruptcy declaration specifically involves Rossoneri Advance Co. Limited, the company created to issue bonds during the AC Milan purchase in 2017. It’s this same entity that has now been pushed into bankruptcy.
The case continues to serve as a cautionary tale about the intersection of global finance and football — where ambition, speculation, and high-risk loans can collide with devastating results.
But here’s the big question: Was Yonghong Li a visionary investor who overreached, or just a front for something much larger? What do you think — did Milan’s sale mark a bold new era gone wrong, or was it doomed from the very start? Share your thoughts below; this is one football story that’s far from over.
