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Afp

AC Milan shareholders to meet on May 2 to discuss loan

By AFP
media AC Milan players celebrate after Giacomo Bonaventura (Rear R) scored against Torino last week AFP

Chinese-owned AC Milan's shareholders have been called to a meeting on May 2 to discuss modifying the terms of one of two bonds signed by the financially unstable Italian club with US investment firm Elliott.

According to reports on Monday, shareholders will discuss extending the delay for repayment of part of a 50 million-euro ($63 million) loan by a few months.

The deadline could be pushed back until June 2019 for the repayment of 10 million euros while the remainder of a 303 million-euro bridge loan provided by the US fund must be repaid by October this year.

The change in the terms would give Milan greater financial acceptability to meet UEFA's Financial Fair Play (FFP) regulations.

Representatives of the Italian club met for the third time with UEFA's Control, Ethics and Disciplinary body at European football's headquarters in Nyon, Switzerland on Friday.

Milan CEO Marco Fassone has said that despite reassuring UEFA on their financial situation they expected sanctions for violating FFP rules.

UEFA have voiced concerns over the financial stability of the club, which was purchased by a Chinese-led consortium from Silvio Berlusconi for 740 million euros ($918m) last April, spending more than 200 million euros on new players in the summer.

The seven-time European champions have a massive loan for repayment and are working to refinance more than 300 million euros in high-interest loans from US hedge fund Elliott Management.

Meanwhile, on the pitch the club is struggling, falling to seventh and outside the berths for money-spinning European football next season, after a shock 1-0 defeat at San Siro to bottom club Benevento at the weekend.

They have just four matches to try and rekindle their Europa League hopes with Sampdoria and Fiorentina just three points behind them.

Milan will also play Juventus in the Italian Cup final on May 9, when a win would earn them a place in the Europa League.

 
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