China’s Richest Man Set To Buy AC Milan
Italian giants AC Milan are currently going through a struggle that has been keeping them from seeing the top of the Serie A table for almost 5 years now. The seven time European champions have been absent from the Champions League as well, and a change in the managerial post has become a regular occurrence at the San Siro.
However, it looks like the Rossoneri’s fortunes are about to change for the good again, after reports have emerged suggesting China’s richest man, Jack Ma, is set to complete a 700 million takeover of AC Milan.
Ma, who is worth an estimated $25 billion, founded the online retail giant Alibaba – which owns Weibo, China’s largest social network.
An Italian-American banking group have reportedly brokered a deal between Ma and Milan, which would allow Ma and his group to secure 70% of the Italian club at first, and complete a full takeover within the next 12 months.
Ma is believed to be a football enthusiast, and he co-owns Chinese club Guangzhou Evergrande at present – a club that was managed by the legendary Marcello Lippi from 2012 to 2014. Lippi won the club three Chinese Super League titles and an AFC Champions League triumph while his time in-charge.
It is also being reported that the World Cup winning manager will be appointed to head Milan’s sporting operations as soon as the takeover is completed.
The completion of the takeover, however, lies in the hands of Silvio Berlusconi, the former Italian Prime Minister, who has owned Milan since 1986 – a takeover that transformed Milan from a recently relegated club to an absolute European giant.