Milan owners declare bankruptcy in China

Another blow comes to the credibility of Milan Chinese owners.

The People's Court in Shenzhen, China, officially declared the company “Jie Ande”, which was actually the guarantee and safe Yoning Lee, 48 years old, owner and president of Milan.

Until yesterday, a liquidation request with the Canton Bank had demanded bankruptcy statements was suspended. Jie Andes was accredited as one of the most important and with more financial liquidity among those involved in the official Chinese finance plant residence in Hong Kong.

This remains a heavy blow to the credibility of current President Li, raising major questions about his ability to meet obligations to creditors.

For the club it is important to close the balance on June 30th, in the meantime to give continued project Milan joins the Eliot fund, which the club's Chinese owner owes over 300m euros.