Former AC Milan owner Li Yonghong is ready to hit back at Elliott Management after losing control of the club.

Li was recently ousted by Elliott for not honouring a €32m repayment, but in a scathing letter the Chinese businessman accused the hedge fund of misleading him with its intentions.

“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 an 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."