Former Italian PM – Silvio Berlusconi Sells His Club AC Milan To Chinese Investors

Media mogul and four time former Prime Minister of Italy, Silvio Berlusconi, has sold his stake in the Italian club AC Milan to Chinese investors in a deal worth €740m.

A consortium of Chinese buyers, led by the businessman Yonghong Li, have completed the purchase of Berlusconi’s 99.93% stake in the legendary football side.

Berlusconi’s holding company Finivest, through which he owns Milan, released a statement to declare the sale had gone through after over a year of negotiations.

“Fininvest had today finalised the sale to Rossoneri Sport Investment Lux the entire stake, amounting to 99.93 per cent in AC Milan”, the statement read.

“Today’s finalisation gives full effect to the takeover agreement signed by the managing director of Fininvest, Danilo Pellegrino, and David Han Li, the representative of Rossoneri Sport Investment Lux on August 15, 2016 and renewed on March 24 of this year.” it continued.

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It added: “The details of the agreement are those announced and provide an overall valuation of AC Milan at €740m, consisting of a debt burden evaluated on June 30, 2016, as per the agreements between the parties of around €220m.”

Berlusconi bought Milan in 1986 when the team was in shambles, and spent a fortune turning it into one of the best clubs in the world over the next three decades. However, legal troubles and a loss of motivation has hampered the club in recent years as he’s refused to spend, culminating in the search for a buyer which ended with this sale.

Milan currently lie sixth in Italy’s Serie A league, with seven games left to end the season.