According to reports Silvio Berlusconi has approved a preliminary contract for the sale of 99.93% of AC Milan.
According to a press release by FININVEST, the group owned by Berlusconi, AC Milan has agreed to be sold for €740 million including €220 million in debt payents, to Chinese investment group Sino-Europe Sports Investment Management Changxing Co. Ltd. The sale is expected to bring in €350 million to the club over a three-year period.
The deal is seen as a surprise as this consortium group is different than two previous groups that have been rumored in previous months. This third group is said to be headed by Li Yonghong, who will now be the majority shareholder of the Italian club.
The deal was made possible after discussions fell through with six investors headed by Gancikoff and Galatioto. According to Gazzetta dello Sport three of the investors went on their own to form a new consortium, which would eventually purchase the team.
The sale can have significant impacts on AC Milans future budget with the mentioned €350 million over three-years going directly to team finances.
Silvio Berlusconi has been majority owner of AC Milan for 30 years, purchasing the club on February 20th, 1986.