Owner of Euro giants in bizarre plot to finance club using Bitcoin

Oli Fisher

The owner of AC Milan, Yonghong Li, tried to refinance the club using the online cryptocurrency Bitcoin, according to reports from Italy.

Italian newspaper La Repubblica claims that Li, who acquired Milan from Silvio Berlusconi in a controversial sale last summer, is desperately looking for a financial solution.

Doubts have reportedly surfaced regarding the Rossoneri’s finances, with the club needing to find €10m before Elliott Management steps in, according to Corriere della Sera.

The deadline was meant to be on Friday for the Rossoneri president to pay the missing €10m to complete the capital increase.

The report states that club’s Board of Directors will wait until April 4 to see if Li can find the money, or alternatively a new bank bond.

La Repubblica state that Li attempted to refinance the club via the online currency service Bitcoin, but the proposal was rejected.

Milan apparently need to find €35m by June 30 to simply stay afloat and register the 2018/19 Serie A season.