China’s Soccer Push Puts a Storied Team Under Murky Ownership
- 7 years ago
China’s Soccer Push Puts a Storied Team Under Murky Ownership
Sino-Europe Sports Investment owns a stake in A.C. Milan as a result of its role as a shareholder in Rossoneri Sport Investment, a Chinese company
that is part of the group led by Li Yonghong that owns the soccer club.
A.C. Milan said the episode had nothing to do with Mr. Li, adding
that "he was not aware of the situation until the investigation." Amid Chinese concerns about deals abroad, China’s purchases of soccer teams with prestige names is likely to slow considerably for some time to come.
In 2011, that same real estate company said in a stock filing
that Mr. Li was the chairman of Grand Dragon International Holding Company, a Chinese aviation company.
In May 2016, a day before Li Shangbing sold Guangdong Lion for no money, he started a company called
Sino-Europe Sports Asset Management Changxing Company, according to China’s corporate database.
A spokesman for A.C. Milan said Mr. Li’s control of the mining business had been verified by lawyers and banks involved in the transaction.
In the case of Mr. Li, the mines that he told A.C. Milan he controlled have been owned
by four different people since last year, according to Chinese corporate records.
Sino-Europe Sports Investment owns a stake in A.C. Milan as a result of its role as a shareholder in Rossoneri Sport Investment, a Chinese company
that is part of the group led by Li Yonghong that owns the soccer club.
A.C. Milan said the episode had nothing to do with Mr. Li, adding
that "he was not aware of the situation until the investigation." Amid Chinese concerns about deals abroad, China’s purchases of soccer teams with prestige names is likely to slow considerably for some time to come.
In 2011, that same real estate company said in a stock filing
that Mr. Li was the chairman of Grand Dragon International Holding Company, a Chinese aviation company.
In May 2016, a day before Li Shangbing sold Guangdong Lion for no money, he started a company called
Sino-Europe Sports Asset Management Changxing Company, according to China’s corporate database.
A spokesman for A.C. Milan said Mr. Li’s control of the mining business had been verified by lawyers and banks involved in the transaction.
In the case of Mr. Li, the mines that he told A.C. Milan he controlled have been owned
by four different people since last year, according to Chinese corporate records.