The €740 million sale of AC Milan to Rossoneri Sport Investment Lux, led by Chinese businessmen Yonghong Li and Han Li, has been finalise...
The €740 million sale of AC Milan to Rossoneri Sport Investment Lux, led by Chinese businessmen Yonghong Li and Han Li, has been finalised.
Confirmation of the deal -- the first time in 31 years that the Serie A giants have changed hands -- came after almost two years of negotiations.
BREAKING: @SkySports Italia reporting @acmilan's takeover by Shanghai Chinese group Sino-Europe Sports has been completed today #SSNHQ pic.twitter.com/Gq4amXEDqZ— Sky Sports News HQ (@SkySportsNewsHQ) April 13, 2017
It means former Italian Prime Minister Silvio Berlusconi has relinquished control after over three decades at the helm and comes after previous delays.
The sale -- first announced in May 2016 -- was twice postponed due to funding complications, but a loan has enabled Rossoneri Sport Investment Lux to meet its obligations.
Today Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux," read a statement on the club's official website just before 2:30 p.m. local time read.
"The closing is the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.
Milan have won 29 trophies, including five European Cups, under Berlusconi's ownership.
They face city rivals Inter in the first game under their new ownership this Saturday with both clubs vying for a place in Europe next season.
The Rossoneri -- who have now gone three years without European football, their longest abstinence from the continental stage in the past three decades -- currently lead Inter by two points but are still two points behind fifth-placed Atalanta and an assured place in the Europa League.