(ANSA) - Milan, July 9 - AC Milan Chairman Li Yonghong's last attempt to sell the seven-time European champions has failed, meaning the club is set to be taken over by the Elliott fund, sources said Monday. The club's Chinese owner failed to meet a deadline on Friday to a meet a repayment commitment to the American private equity fund after taking out a loan of over 300 million euros.
Li had been in last-ditch talks to sell the storied club to Russian Dmitrij Rybolovlev, sources said. Milan has been excluded from next season's Europa League for failing to comply with European soccer's financial fair play rules.
Soccer: Elliott set to take over Milan soon after Li fails to sell
Negotiations with Russian Rybolovlev unsuccessful - sources