Former Italian Prime Minister Sells Off AC Milan

The takeover of Milan has officially been completed, with Silvio Berlusconi selling the club after 31 years.

Former Italian Prime Minister Silvio Berlusconi has sold Ac Milan Club after 31 years.A consortium led by Chinese businessman Yonghong Li has been attempting to buy the Ac Milan Club for some time, but the deal was hit by a series of delays.

However, after Sino-Europe Sports became Rossoneri(Ac Milan) Sport Luxembourg and received investment from an American hedge fund, a meeting was held this morning to ratify the sale.

“Fininvest had today finalised the sale to Rossoneri Sport Investment Lux of the entire stake, amounting to 99.93 per cent, in AC Milan”, an official joint-statement confirms.

"Today's finalisation gives full effect to the takeover agreement signed by the managing director of Fininvest, Danilo Pellegrino, and David Han Li, the representative of Rossoneri Sport Investment Lux on August 15, 2016 and renewed on March 24 of this year.

"The details of the agreement are those announced and provide an overall valuation of AC Milan at €740m, consisting of a debt burden evauated on June 30, 2016, as per the agreements between the parties, of around €220m.

"That amound has been collected by Fininvest, along with €90m as reimbursment of capital contributions made by Fininvest in favour of Milan from July 1, 2016 to today.

"The buyers have confirmed their commitment to make important recapitalisation investments to the balance sheet and the financial strengthening of AC Milan.

"Tomorrow, Friday April 14, the general shareholders' meeting of AC Milan shareholders will, among other things, vote on the appointment of the new corporate bodies of the company.

However, Berlusconi said “I do so with pain and emotion, but with the knowledge that in the modern game, to compete at the highest European and world levels takes investment and resources a single family can no longer support.

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