Rocco B. Commisso reportedly is willing to put up nearly $1 billion to become the major shareholder of A.C. Milan. (Photo courtesy of the Cosmos)
By Michael Lewis
Rocco B. Commisso’s bid to become the major shareholder in A.C. Milan reportedly has hit a roadblock.
Negotiations between the Cosmos owner and the Serie A club had going well, but A.C. Milan owner Yonghong Li changed the conditions of the deal, Sky Sport Italia reported Tuesday.
Commisso reportedly offerred $583 million to Chinese businessman Yonghong Li and $373 million to Elliott Management with the former retaining under 20 percent of the club. Goldman Sachs is working with Commisso on the negotiations.
So, the deal is on standby with Wednesday possibly being a day that could make or break the deal.
Chicago Cubs owner Tom Ricketts is the other top contender and has the help of Morgan Stanley.
A.C. Milan is also waiting for UEFA’s decision regarding the club’s Financial Fair Play situation, which could cost the organization competing in Europe. A.C. Milan finished sixth in Serie A last season.
Commisso, the CEO and founder of Mediacom, recently had a $500 million proposal to revive the North American Soccer League rejected by the U.S. Soccer Federation.
He is a long-time Juventus supporter, so if his purchase comes through it will be interesting to see what Commisso 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are not participating in a league this season as the North American Soccer League is taking a hiatus after the USSF rescinded the league’s Division Two status for 2018.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 the North Atlantic Conference crown with a 5-0 win over the defending champion Elm City Express Saturday night.