Chinese buyers agree AC Milan stake

A Chinese consortium has agreed to take an initial 80 percent stake in Italian Serie A soccer club AC Milan, with the remaining 20 percent to be acquired in the next two to three years, according to a person familiar with the negotiations.

"Two parties are discussing the 80 percent takeover by the Chinese investors, and the negotiations are still continuing," the person said.

"The Rossoneri (AC Milan) is valued at 700 million to 750 million euros ($775 million to $831 million), including 200 million euros in debt."