MILAN (Reuters) - The Chinese majority shareholder of Italian soccer club AC Milan did not meet a Friday deadline to pay a final instalment owed in a cash call agreement, two sources with knowledge of the matter said on Friday.
Businessman Li Yonghong bought the Serie A soccer team last year from former prime minister Silvio Berlusconi and has been making capital injections into the club under the terms of the agreement.
But on Friday he failed to pay the remaining 32 million euro instalment from an overall 120 million euro capital increase carried out in two steps, the sources said.
The move is now likely to prompt investment company Elliott to fill the capital shortage. According to the sources, if Li is not able to repay Elliott by the end of the month the U.S. fund manager could gain full ownership.
(Reporting by Elvira Pollina, editing by Stephen Jewkes)