Baidu to pay $437 million for a majority stake in A.C. Milan
Chinese internet business Baidu is reportedly paying $437 million for a 70 per cent stake in A.C. Milan.
Baidu could be putting in a bid for A.C. Milan
The news was first reported by China’s official CCTV on Friday but has since been picked up in Western media too.
The news channel reported, "Chinese investors' overseas sport investments show an upward trend. Baidu CEO Robin Li's team has achieved progress in negotiating with the Italian club A.C. Milan. (Li or Baidu) is expected to pay $437 million to acquire A.C. Milan” according to Seeking Alpha.
According to the website, if the deal takes place then both the top teams in Milan will be Chinese-owned and place the buying prices below estimations.
It also said that the deal has come about because it’s become “fashionable” to buy top flight European football teams among China’s richest business people. It also claims it's seen as a “show of support to President Xi Jinping”.