Chinese Investors Sign Preliminary Deal To Buy Whole Of AC Milan
Fininvest, the holding company of AC Milan’s owners – the Berlusconi family – have announced that Silvio Berlusconi has agreed to sell around 99.3% of the club to a consortium of Chinese investors.
AC Milan sold to Chinese investors for $820 million https://t.co/GkcP19CLDv pic.twitter.com/EAw3mKTlKt
— CNN (@CNN) August 5, 2016
Fininvest entered exclusive talks with the group of investors in May. The Chinese investors value the Milan club at around €700 million to €750 million, including debt.
The deal is expected to be completed by the end of 2016, according to several newspaper sources.
AC Milan are synonymous with one of the most spectacular falls from grace in football history. From dominating the Serie A and reaching multiple Champions League finals, to not even qualifying for the Europa League, AC Milan are a club desperately hanging on to their history as their only reputation.
They last won the Serie A in 2011, and that has proved to be their only trophy since. They underwent an incredible mass exodus in 2013, with players such as Nesta, Inzaghi, Zambrotta, Oddo and Gattuso all moving on.
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It didn’t end there, as Clarence Seedorf, Mark van Bommel, Zlatan Ibrahimovic, Thiago Silva and Antonio Cassano all left that summer, and Alexandre Pato left the following January.
The club became cost cutters, and a lot of people see this as a reason for their demise.
The news that a group of Chinese investors are buying the club will be music to the ears of the fans who have remained faithful to the San Siro club. They will hope their new owners will splash the cash and bring the club back to where it belongs – amongst the best clubs in Europe.
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