Berlusconi finalises sale of Italy’s AC Milan to Chinese group

Chinese investors complete the deal to buy Italian soccer club AC Milan from former Italian premier Silvio Berlusconi.

MILAN, ITALY (FILE – 1994) (POOL) – Former Italian prime minister Silvio Berlusconi finalised his troubled sale of soccer club AC Milan to a Chinese-led consortium on Thursday (April 14), a 740-million-euro ($788 million) deal that tightens China’s grip on the game in Italy.

The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group’s purchase of Milan rival Internazionale FC last year.

A Chinese firm also underwrites the media rights to the top league, Serie A.

In a statement, Berlusconi’s family holding Fininvest said it had sold its entire 99.93 percent stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, the company that replaced the original Chinese bid vehicle.

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