(ANSA) - Milan, July 20 - AC Milan Chairman Yonghong Li has
been placed under investigation for false accounting in the
acquisition of the seven-time European champions last year,
sources said Friday.
The Chinese businessman bought Silvio Berlusconi's club for
740 million euros.
Li's last attempt to sell Milan failed earlier this month,
meaning the club is set to be taken over by the Elliott fund.
The club's Chinese owner failed to meet a deadline on July 9
to 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.
It has appealed to the Court of Arbitration for Sport (CAS)
which is expected to issue its verdict imminently.
Milan's Li probed for false accounting
In acquisition of club last year