AC Milan Sold To Chinese Consortium

The takeover of AC Milan was completed Thursday, with Silvio Berlusconi selling the club to a Chinese consortium after 31 years in charge.The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.Berlusconis holding company, Fininvest, released a statement Thursday announcing that it had completed the transfer of its 99.93 percent stake in Milan to Rossoneri Sport Luxembourgwhich was formerly known as Sino-Europe Sports.Todays finalization gives full effect to the takeover agreement, Fininvest said in the statement.The deal requires the investors to spend 350 million euros ($372m) over three years on improvements.The buyers have confirmed their commitment to fulfill important recapitalization investments to the balance sheet and strengthen AC Milans finances and assets, Fininvest said.A general shareholders meeting has been called for Friday when the names of the new president and directors will be announced. There is also expected to be a news conference on Friday.The new owners first match will be Saturdays derby against Inter Milan.
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