AC Milan’s Takeover By Chinese Investors Complete
REUTERS/Alessandro Garofalo
The sale of Italian giants AC Milan to a Chinese investment group has been completed, following months of negotiations. Rossoneri Sport Investment Lux has purchased Fininvest’s stake in the club, amounting to 99.93 percent.
The Chinese consortium was led by Han Li, and has been trying to close a deal for some weeks now. A failure to reach a closure on the agreement, however, delayed the takeover. Han Li reportedly authorised the final payment of €370million on Thursday to close the deal. This brings an end to Silva Berlusconi’s 31-year old reign at the club.
A statement by Fininvest read: “Fininvest has completed the sale of the entire stake owned in AC Milan – equal to 99.93 per cent – to Rossoneri Sport Investment Lux,”
“The closing is the last step of the purchase agreement signed on August 5, 2016 and renewed on March 24 by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.
“The terms of the agreement are the same as disclosed in August and reflect an aggregate evaluation of AC Milan equal to €740m, which includes the club’s indebtedness, equal to €220m as of June 30, 2016.
“A €90m refund for AC Milan’s running costs anticipated by Fininvest from July 1, 2016 hitherto adds up to the evaluation.
“The buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure.”
The ‘Rossoneri’ are the most successful Italian club at international level, and joint- second most successful club in Italy. Yet, they have suffered a dip in fortunes, not winning the Serie A title for 6 years, and not competing at the highest level in Europe.
