Rocco B. Commisso: “I would never accept being a minority shareholder.” (Photo courtesy of the Cosmos)
Rocco B. Commisso says he is still negotiating to purchase the majority share of A.C. Milan.
Talking to America Oggi Wednesday, the Cosmos owner said that he was still trying to finalize a deal “but only on my terms.”
“I would never accept being a minority shareholder,” added Commisso, who has offered $583 million to Chinese businessman Yonghong Li and $373 million to Elliott Management to purchase the club.
Several Italian news outlets reported Wednesday morning that Yonghong Li, the owner of the Italy Serie A club, rejected the Cosmos owner’s proposal. Under tht deal, Yonghong Li would retain 15 to 18 percent ownership of the club. He reportedly changed the conditions, wanting more of a stake in the club with Commisso coming aboard.
“The negotiations to buy Milan continue, despite the difficulty in communication due to the constant presence of an emissary,” Commisso told America Oggi. “This, in my view, damages the foundations of the rapport of trust that must exist in a complex, but clear, context like the one we have currently. I will close the contract, but only on my terms. Let it be clear, first of all I need to have a binding agreement. I would never accept being a minority shareholder. The club must be mine, because I think I can run it well and take it back to its golden days.”
Yonghong Li reportedly 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.
Commisso has been working with Goldman Sachs to finalize the deal.