AC Milan's Chinese owner takes financial battle down to wire

FILE PHOTO: Yonghong Li shows a AC Milan jersey during a news conference in Milan, Italy, April 14, 2017. REUTERS/Alessandro Garofalo/File Photo

MILAN (Reuters) - The indebted Chinese owner of Italian soccer club AC Milan has valued the club at around 700 million euros 619.27 million pounds) and has decided against a quick sale for a much lower valuation to U.S. television tycoon Rocco Commisso, a source said.

Commisso is among prospective bidders circling AC Milan, aware its owner, Li Yonghong, is in a tight corner. Li risks losing control of the club to his creditor, U.S investment fund Elliott, unless he pays 32 million euros to Elliott by July 6.