AC Milan owner Yonghong Li has failed in an attempt to refinance the club using bitcoin, as the Chinese investor looks to explore ways of repaying the loan that was taken out when purchasing the Italian club.

Daily newspaper La Repubblica, who have been critical of ​Milan's owners for some time, explained how Li failed in an attempt to use bitcoin as a way of refinancing the club as the Rossoneri look to repay a loan, believed to be in excess of €300m, that was taken out by American hedge fund Elliott Management in April last year.

SS Lazio v AC Milan - Serie A

Milan's managing director Marco Fassone and one of Li's advisors have since travelled to London to meet with Merrill Lynch in an attempt to secure funds before the end of the month.

The Italian giants have also been rumoured to be is talks with a Russian consortium over the possibility of another takeover. 

However, Calciomercato have reported how a spokesperson for the consortium was quick to distance themselves with rumours of a takeover bid at the San Siro.

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If Milan continue to struggle with their finances, the Rossoneri could be barred entry to either the Champions League or Europa League next season. 

It is understood that UEFA are keeping a keen eye on the financial troubles in Lombardy and European football’s governing body will meet next month to discuss Milan's problems.