AC Milan Takeover Close to Completion

The Chinese takeover of Serie A club AC Milan is expected to be completed within the fortnight.

News agency Reuters have reported that investors are due to pay an outstanding $343.3m to Silvio Berlusconi, as well as providing over $100m to support the team. Former Italian Prime Minister Berlusconi controls Fininvest, the holding company that owns AC Milan, and has spent over three decades with a controlling interest in the three-time Champions League winners.

The Chinese investment group have already paid over $200m in three separate payments to Fininvest, having signed an agreement in August to take control of the Italian club. However the deal, which was supposed to be completed on December 13, has been held up due to lack of Chinese governmental approval.

The AC Milan deal will represent the largest Chinese investment in a European football club in history.