Ousted AC Milan president Li Yonghong has hit back at former partners Elliott Management, who have assumed control of the club.
Earlier this month Li defaulted on a payment as part of the €300 million debt owed to Elliott, prompting the US-based hedge fund to repossess the holding company in Luxembourg that Li used to buy seven-time European champion Milan in April 2017.
Elliott has promised to inject €50m into Milan - who on Friday successfully overturned a UEFA-imposed ban that threatened to prevent them from playing in next season's Europa League - in an attempt to improve their fortunes but Li is furious at being cut out.
"It is with great regret that, as president, I address this letter to all fans, shareholders and employees of the prestigious AC Milan,” he said in a letter to Il Sole 24.
"Despite the numerous and incorrect rumours that emerged in the Italian and international press, I can confirm that the Shareholders’ Meeting, called by Elliott for July 21, will sanction my exit and those of the directors I appointed to the club’s board.
"First of all, I would like to clarify the following. My purchase of Milan was neither a rash decision or one dictated by a passing infatuation.
"It stemmed from my passion for the team and belief in the economic potential of an investment in one of the noblest football teams in the world.
"Until June 30, 2018, I had paid almost €880m for AC Milan, of which only €280m was funded through Elliott, while I personally provided the remaining part.
"I was convinced that Elliott was a trustworthy investor and, above all, a partner to share the duties and honours of a stimulating adventure like the ownership of a team who, throughout their glorious history, have won, among other trophies, seven Champions Leagues and 18 Serie A titles.
"I made a mistake and only discovered it to my great detriment during my tenure. Elliott showed itself from the start to not be the partner I imagined but rather a lender totally disinterested in the complex management of a club of Milan’s standing, despite its control of the team’s board.
"All this happened despite repeated declarations from the fund regarding its alleged support for the club.
"During my time as president, I would like to remind all of you that I have never failed in my commitments and for this, I have proof of over €200m invested by me in the team under my ownership.
"I am ready to fight and I will do it to safeguard my rights and give assurances to the AC Milan shareholders, whom my beloved club deserve.
"Any deliberate and intentional manoeuvres to reduce the value of AC Milan will be prosecuted by law. Thank you for your hospitality and attention."
|Knicks star Enes Kanter frustrated by reduced role|
|Kvitova getting back to her best, says Barty|
|Kvitova revels in first semi of ´second career´|
|Messi´s the best player in every world – Boateng dismisses past Real Madrid comments|
|Thunder frustrations continue against Renegades|
|Alonso vows to clear name in tax fraud case|
|Classy Nadal downs Tiafoe to set up Tsitsipas semi|
|Hoedt leaves Southampton for Celta Vigo on loan|
|Melbourne City 4 Western Sydney Wanderers 3: Hosts edge thriller with two goals in last six minutes|
|Wilder won´t even pick up the phone - Hearn not hopeful of AJ bout|
|Sala was on board missing plane, say French authorities|
|Arsenal´s Bellerin out for season with ACL rupture|
|Gatland waiting on ´concrete´ offers|
|Ronaldo accepts prison sentence and €18.8m fine for tax fraud|
|Tsitsipas: It was vital to back up Federer win|
|Awesome Kvitova ends Barty´s home run in Melbourne|
|CA rejects Thunder appeal for full points in abandoned Heat clash|
|Emiliano Sala: Concerns grow for Cardiff striker after plane goes missing|
|Harden unimpressed with refs in Rockets´ 76ers disappointment|
|Ronaldo arrives for sentencing in tax fraud case|
|Record-breaking evening ´one of those nights´ for Warriors star Thompson|
|Hazard still interested in Real Madrid but won´t rule out Chelsea stay|
|Collins moves past Pavlyuchenkova, into Australian Open semis|
|Kohli makes history with ICC awards sweep|
|Thompson sets NBA record with 10 straight made three-pointers to open game|
|76ers hand Rockets largest loss of season, Harden scores 37 points|
|Tsitsipas overcomes Bautista Agut to continue Aus Open run|
|Barcelona move a ´dream come true´ for Boateng|
|Rams coach McVay on Gurley: I´ve got to get him more opportunities|
|Butler´s sprained wrist not expected to keep him out ´long term´|
|Saints owner Benson will ´aggressively pursue changes in NFL policies´|
|Levante to take Copa case to CAS|
|It can happen – Allegri plays down Ronaldo penalty miss|
|Mavericks´ Doncic becomes second-youngest player to record triple-double|
|Yankees send Sonny Gray to Reds|
|Ashley Cole reunited with Frank Lampard at Derby County|
|Arnold ready to mix things up in 2019 Asian Cup quarter-finals|
|Arum: Joshua desperately needs to fight in the United States|
|South Korea v Bahrain: Bento optimistic of continuing unblemished campaign|
|Bolton Wanderers 0 West Brom 2: Baggies bounce up to third after tennis ball protest|
|Confident Moeen ready to shine for England in the Caribbean|
|Juventus 3 Chievo 0: Allegri´s men cruise despite Ronaldo penalty save|
|Boateng completes shock Barcelona switch|
|United Arab Emirates 3 Kyrgyzstan 2 (after extra time): Khalil penalty sets up Socceroos showdown|
|West Indies add Drakes to new-look coaching team|
|Barcelona is a huge opportunity – Boateng confirms shock move is close|
|Donnarumma wishes Higuain luck ahead of expected Chelsea switch|
|Qatar v Iraq: Katanec anticipating ´huge challenge´ in last 16|
|Nuno hit with FA misconduct charge for pitch celebration|
|Furious Carreno Busta and Zverev bow out, Djokovic marches on|
|#NotMartinFromWakefield – Siewert shows viral sensation the door|
|Djokovic feeling the strain after late-night Medvedev battle|
|Henderson sidelined again ahead of Six Nations|
|Australia 0 Uzbekistan 0 (aet, 4-2 on penalties): Ryan heroics see holders hobble onwards|
|Halep exit leaves four-way fight to be crowned number one at Australian Open|
|Super Bowl-bound Rams set for London return, Chiefs to face Chargers in Mexico|
|Huddersfield appoint Siewert as Wagner´s replacement|
|Genoa 0 AC Milan 2: Borini and Suso step up with Higuain left out|
|McTominay signs new Manchester United contract|
|Pizzi to stand down after Saudi Arabia elimination|
|Boateng closing in on shock Barcelona switch - reports|
|Catalans to defend Challenge Cup after resolving RFL dispute|
|Djokovic wears down Medvedev to reach last eight|
|Mouratoglou: I knew ´loyal´ Serena would not fire me after US Open turmoil|
|Barcelona B defender Wague accuses Ejea fans of racist abuse|
|I felt like I had been hit by a train - Halep upbeat despite losing Serena battle|
|Arsenal confirm Mislintat departure|
|Icardi will renew, 100 per cent - Wanda Nara offers latest Inter assurance|
|Japan 1 Saudi Arabia 0: Four-time winners send Pizzi´s men out|
|A souvlaki maybe named after him, a growing fan base – Tsitsipas creating Melbourne buzz|