A Chinese-led investment consortium has flexed its financial muscle by completing the €740 (£628) million purchase of Italian football club AC Milan.
The terms of the agreement are unchanged since a mooted August deal last year, with Silvio Berlusconi’s holding company Fininvest selling their 99.9% stake to Rossoneri Sport Investment Lux.
“Today, Fininvest has completed the sale of the entire stake owned in AC Milan to Rossoneri Sport Investment Lux,” a statement published on the club’s official website said.
“The terms of the agreement reflect an aggregate evaluation of AC Milan equal to €740 million, which includes the club’s indebtedness, equal to €220 million. A €90 million refund for AC Milan’s running costs anticipated by Fininvest from July 1 2016 hitherto add up to the evaluation,” the statement continues.
“The buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure.”
The deal ends the 30-year association Fininvest founder Silvio Berlusconi had with AC Milan and ushers in a new era where Chinese investment groups further tighten their grip on the Serie A.
Last year, Chinese retail giant Suning Commerce Group bought a 68% controlling stake in Inter Milan for €280 (£220) million.
Yonghong Li takes over from Berlusconi.
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