Rocco B. Commisso’s offer to purchase A.C. Milan reportedly has been rejected. (FrontRowSoccer.com Photo)
By Michael Lewis
The deal is off.
Cosmos owner Rocco B. Commisso’s bid to become the majority owner of A.C. Milan reportedly will not happen.
Yonghong Li, the owner of the Italy Serie A club, rejected the Cosmos owner’s proposal, several Italian news outlets reported Wednesday morning.
The Chinese businessman has found the $37.2 million to pay Elliott Management to keep the club. He must pay the fund manager by June 30, according to Corrieire dello Sport and TuttoSport, two leading Italian sports publications. Yonghong Li would retain 15-18 percent ownership of the club, under that negotiated deal.
However, Yonghong Li changed the conditions and the deal fell apart, according to the sports newspapers.
Commisso had been working with Goldman Sachs to finalize the deal.
Chicago Cubs owner Tom Ricketts reportedly has been the other top contender and has had the help of Morgan Stanley.
A.C. Milan is 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 unveiled a $500 million proposal to revive the North American Soccer League rejected by the U.S. Soccer Federation.
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are not participating in a league this season as the North American Soccer League is taking a hiatus after the USSF rescinded the league’s Division Two status for 2018.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.