Chinese AC Milan takeover set for 13 December completion

November 18, 2016

The Chinese consortium planning to buy Italian football club AC Milan have stated they expect to conclude the deal by Dec. 13.

The club, who has been owned by Silvio Berlusconi’s Fininvest group for over 30 years, said the takeover would value the club at €740m ($817m), including €220m of debt.

“The advisors’ board of AC Milan, who met today, have determined, at the request of the shareholders Fininvest S.p.A, to call an assembly of shareholders for the day of Dec. 2, 2016, for a first sitting and, if necessary, for the day of Dec. 13, 2016, for a second sitting,” read a statement on AC Milan’s website.

“The assembly will be called to determine, among other things, the composition of the social organs in order to consent Fininvest S.p.A to fulfill its obligations taken with the signing of a preliminary contract, the object of which was the sale of their entire shareholding in AC Milan.”