Rocco B. Commisso reportedly wants to purchase A.C. Milan. (Photo courtesy of the Cosmos)
By Michael Lewis
Cosmos owner Rocco B. Commisso reportedly is in the lead to buy A.C. Milan of Italy’s Serie A.
Commisso, who recently had a $500 million proposal to revive the North American Soccer League rejected by the U.S. Soccer Federation, is trying to by the storied club after current owner Yonghong Li missed a payment, according to Sky Sport Italia and Mediaset Premium.
The CEO and founder of Mediacom, a cable television company, reportedly is negotiating with David Han Li in New York. The talks include lawyers and financial advisors, which are supported by Goldman Sachs, Sky Sport Italia reported.
Chicago Cubs owner Tom Ricketts is the other top contender and has the help of Morgan Stanley.
Commisso is trying to put together a group to buy the Italian club.
No purchase amount has been reported yet.
A.C. Milan was put into this position when owner Yonghong Li recently failed to pay a $37.2 million to increase the capital by a deadline. Instead, Elliott Management, a hedge fund, will pay the amount.
So, Yonghong Li has 10 days to repay that figure or Elliott will start to call in his assets and begin a takeover of the Italian club.
Miami Dolphins owner Stephen Ross also might be interested in purchasing Milan, Sky Sport Italia reported, although that was not confirmed.
A Cosmos spokesman had no comment on the possible deal. If one is finalized, Commisso will comment.
Commisso is a long-time Juventus supporter, so if his purchase comes through it will be interesting to see what he has to stay about owning the team that is the rival of his favorite club.
The Cosmos are not participating in a league this season as the North American Soccer League is taking a hiatus after the USSF rescinded the league’s Division Two status for 2018. The NASL has filed an anti-trust lawsuit against the federation.
There is a team wearing the Cosmos’ colors as Cosmos B is competing in the National Premier Soccer League. The team clinched a playoff berth with a 5-0 win over the defending champion Elm City Express Saturday night.
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