AC Milan has been sold for €740m to a Chinese-led consortium. Former Italian prime minister Silvio Berlusconi finalised the of the club on Thursday, which his family holding Fininvest held a 99.93 per cent stake in, to Chinese investors Rossoneri Sport Investment Lux.
A joint statement by Fininvest and Rossoneri Sport Investment Lux said: “Today Fininvest has completed the sale of the entire stake owned in AC Milan – equal to 99.93% – to Rossoneri Sport Investment Lux.”
“The closing is the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.
“The buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure.”
The 7 time European Champions have been on the decline after failing to replace world class players like Pirlo, Shevchenko, Ibrahimovic, Thiago Silva amongst a few and are currently struggling to make Europe having missed out last season after finishing 7th in the Serie A.