Deal close on AC Milan stake

Silvio Berlusconi to remain club president for next few years until final interest acquired

A Chinese consortium has agreed to buy an initial 70 percent stake in Italian Series A soccer club AC Milan, with negotiations continuing over the sale of the remaining 30 percent, a person familiar with the talks told China Daily.

Former Italian prime minister Silvio Berlusconi, whose Fininvest investment group owns the club, will remain president for the next two or three years until the final 30 percent is acquired by the Chinese. That part of the deal is still under discussion, the source said.