Chinese consortium agrees €740m AC Milan takeover deal

A consortium of Chinese investors has finally signed a preliminary deal to buy AC Milan, according to Fininvest, the holding company that owns the Italian Serie A football club.

The club have released an official statement confirming the news, and it has been revealed that the new ownership group will wipe out the Rossoneri’s €220m debt as part of their overall valuation of the club.

According to Fininvest, the consortium has pledged to invest €350m in the club over the next three years. The holding company added that Berlusconi had always sought during negotiations to “provide AC Milan, through an appropriate ownership structure, with greater financial resources now more essential for competing with the top football clubs of the world.”

The deal would appear to bring to an end arguably the longest takeover saga at a major European football club. Berlusconi is understood to have been in talks with the consortium for more than a year-and-a-half, while other investment deals have been proposed – and have collapsed – over recent years, most notably with Thai investor Bee Taechaubol in September last year.