Silvio Berlusconi offloads AC Milan to Chinese group
Ex Italian prime minister Silvio Berlusconi has announced the sale of AC Milan football club to an unnamed Chinese consortium in a deal which will net the flamboyant billionaire a minimum of €400m over the next two years.
The deal, announced to local media on Tuesday ((5 July), values the Serie A club at around €750m although it is thought that the final terms of the deal are yet to be finalised.
As things stand Berlusconi’s family holding company, Fininvest, will sell an 80 per cent stake in the club immediately before offloading its remaining stake at a later date.
AC Milan has long been one of the most popular teams in European football but despite its on-pitch success, the business has struggled to make a profit, posting a €93.5m loss last year.
It is the latest in a spate of buy-outs of European clubs by Chinese and Middle Eastern investors following last month’s sale of local rivals Inter Milan to Chinese electronics giant Suning Commerce Group and the £76m acquisition of Aston Villa by Dr Tony Xia.