Investors sign deal to buy soccer club AC Milan
By Wang Mingjie In London | China Daily | Updated: 2016-08-06 07:38
A Chinese consortium has signed a preliminary deal for a 99.93 percent stake of Italian Serie A soccer club AC Milan, according to Fininvest, the holding company headed by former Italian prime minister Silvio Berlusconi.
The agreement, signed on Friday after weeks of negotiations, values AC Milan at 740 million euros ($818 million), including an estimated debt of approximately 220 million euros.
The investors operate through the management company Sino-Europe Sports Investment Management Changxing Co, chaired by Li Yonghong, who is the main sponsor of the investor group.
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