Opinion | Furious fans, ‘fake news’ and foggy finances – is the end nigh for China-owned Milanese derby?
Scrutiny on overseas investment, bankruptcy and supporter protests overshadow Inter and AC Milan meeting at the San Siro
Chinese investment in foreign football clubs is under increased scrutiny back home as the government looks to rein in frivolous spending outside of the country and now that Wanda Group has pulled out of Atletico Madrid, the spotlight falls nowhere more so than on the two Milanese giants.
Inter Milan are owned by Suning Group and have been since June 2016. The Chinese electronics giant took over the majority stake from Indonesian businessman Erick Thohir in a deal worth US$307 million.
The President's message from China to all Rossoneri fans pic.twitter.com/d1j9RhiQgl— AC Milan (@acmilan) 20 February 2018
AC Milan are owned by Li Yonghong, whose Rossoneri Sports Holdings took over in April last year in a convoluted deal worth US$860 million.
While questions have been raised about the legality of Suning’s deal and it has also come under fire on Chinese state television, the ownership of Milan is even more precarious.
Li has been reported to be bankrupt – which he dismissed as “fake news” in his Chinese New Year message to Milan fans – and Italian newspaper Corriere della Sere has said that the club risks being sold on Chinese e-commerce site Taobao.
That is unlikely to happen even if Li’s finances are as dire as feared. Instead the club will likely go under the control of the US hedge fund Li borrowed from to get the deal over the line.