Chinese consortium ready to buy AC Milan from Berlusconi’s Fininvest

A Chinese consortium has agreed to buy an 80% stake in the Italian Serie A soccer club AC Milan from former Prime Minister Silvio Berlusconi’s Fininvest group  based on a total  valuation of between €700m and 750m  (including €200m of debt). Under the terms of the agreement, Berlusconi will become an informal adviser to the new owner and will retain his role as the club’s honorary president. Fininvest is said to be confident that a final agreement can be reached in the next week.
The announcement comes three weeks after Chinese retail giant Suning Commerce Group agreed to acquire a 68.55% stake in Inter Milan, AC Millan’s great rivals, for €270m.

Source: chinadaily