Yonghong Li, Chinese owner of A.C. Milan, has failed in his bid to refinance the loan which he took to purchase the Italian professional football club using bitcoin, according to reports.
The club was sold in to a Chinese consortium led by Yonghong Li, who is believed to have a 303 million euro ($357 million) loan from US private-equity fund Elliott Management Corp.
The Chinese tycoon was unable to arrange fiat currency to refinance the loan as the company through which he bought the club was declared bankrupt.
He then attempted to pay off the debt using bitcoin through an agency. However, his effort was unsuccessful for want of time and issues with few of his guarantees.
Elliott has reportedly said recently that it would put the professional club on sale to the highest bidder if Li is unable to pay back the debt before the due date of October 2018. There has been a lot of speculation about the new owner's ability to repay debts.
According to sports illustrated, Milan's Managing Director Marco Fassone and an advisor of Li recently traveled to London to meet with Merrill Lynch to secure funds before the end of the month.
Rumors are that the owners of the club are talks with a Russian consortium for a possible akeover.
AC Milan runs the risk of being barred from playing the next season of the Champions League or Europa League, for the poor financial condition of the club. European football's governing body UEFA may discuss Milan's financial issues at next month's meeting.
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