AC Milan buyer to seek more investors to raise funds to close $830m deal

The Chinese consortium attempting to buy the AC Milan soccer team has been hunting for more investors since it agreed on a deal with Silvio Berlusconi's Fininvest SpA, people with knowledge of the matter said.

The little-known buyer group, led by businessman Li Yonghong, is sounding out interest from new investors, the people said. The consortium didn't have all the financing in place when it agreed last month to purchase AC Milan for 740 million euros ($830 million) including debt, according to the people, who asked not to be identified because the discussions are confidential.

Li's group will also consider building a new stadium as part of its expansion plans, according to two of the people. The consortium has been telling potential partners they could earn outsized returns if AC Milan eventually lists on a Chinese stock exchange, where companies trade at a premium to Western markets, the people said.