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AC Milan Owner Reportedly Tried To Refinance Club With Bitcoin
Yonghong Li, Chinese owner of A.C. Milan, has failed in his bid to refinance the loan which he took to purchase the Italian professional football club using bitcoin, according to reports. The club was sold in to a Chinese consortium led by Yonghong Li, who is believed to have a 303 million euro ($357 million) loan from US private-equity fund Elliott Management Corp. The Chinese tycoon was unable to arrange fiat currency to refinance the loan as the company through which he bought the club was declared bankrupt. He then attempted to pay off the debt using bitcoin through an agency. However, his effort was unsuccessful ... (full story)