The well-documented financial struggles of new AC Milan owner Yonghong Li continue to deepen with each passing day. Today, Il Sole 24 Ore reported that the likeliest route for Mr. Li to receive financing has been blocked.

 

I appears Goldman Sachs has decided not to loan Mr. Li the money needed to pay off the Elliott Fund’s bridge loan used to buy the club and inject capital into the roster. 

 

When he purchased the team back in April, Mr. Li borrowed around $300 million from the American firm. The repayment, with an estimated interest rate hovering around 10%, matures less than a year from now, in October 2018. Mr. Li has been scrambling ever since.

 

Now, with the news Goldman Sachs’s departure from the bargaining table, Mr. Li turns his hopes and attention to Merrill Lynch to secure the funding necessary to retain ownership of the team. According to the report, negotiations will pick up steam at the end of 2017.