Chinese group close to buying AC Milan

A Chinese group are reportedly close to taking over Italian giants AC Milan.

It comes after its fierce Milan rivals Inter signed a deal with Chinese conglomerate Suning Holdings Group, who now own 68.55% of the club.

Italian press are reporting that a bid will take the shape of owning 80 per cent of the club for a fee of around €750m, including €240m of debt.

Robin Li is alleged to leading the bid, he co-founded the Chinese search engine Baidu.

Milan’s president, Silvio Berlusconi, has apparently agreed to the deal, which will include him staying as President, as well as significant investment in the squad.

It continues China’s investment in football, both domestically and oversees. The Chinese Super League is attracting some of the world’s biggest teams, and various clubs around Europe are being bought by Chinese investors.