Milan sale almost complete

November 18, 2016
Berlusconi

MILAN (AP):

The long-awaited sale of AC Milan to Chinese investors could be completed next month.

Sino-Europe Sports announced yesterday that the closing of the deal is slated for Dec. 13, when Milan will hold a shareholders' meeting.

The deal with the Chinese group, which includes the participation of a Chinese state investment fund, values the club at 740 million euros (around $800 million), and requires the investors to spend 350 million euros over three years on improvements.

Silvio Berlusconi owns 99.93 per cent of the club, which he purchased 30 years ago. The three-time former premier and billionaire businessman has been negotiating for more than a year to sell the Serie A club.

Coming three days before the Milan derby, the announcement appears intended to assure Milan supporters over the club's future.

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