AC Milan sold to Chinese consortium

Milan: The takeover of AC Milan has been completed, with Silvio Berlusconi selling the club to a Chinese consortium after 31 years in charge.

The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.

Berlusconi’s holding company, Fininvest, released a statement on Thursday announcing that it had completed the transfer of its 99.93 per cent stake in Milan to Rossoneri Sport Luxembourg — which was formerly known as Sino-Europe Sports.

The deal values Milan at 740 million euros (Dh2.8 billion).