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Own goal: how AC Milan’s Chinese owners lost control to a US hedge fund

Li Yonghong looked victorious as he held up an AC Milan shirt outside the San Siro, the Italian club’s home ground and one of the great cathedrals of European football.

It was April 2017 and the Chinese businessman had just been revealed as the new owner of one of the continent’s most successful teams after months of fevered speculation and backroom dealings.

Mr Li’s triumph signalled an end of an era for the Rossoneri — the Red and Blacks — marking the exit of Silvio Berlusconi, the Italian media mogul and three-times prime minister, who sold the club for €740m after two decades of club ownership.

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