Chinese investors agree to buy AC Milan
A CONSORTIUM of Chinese investors has agreed to buy 99.93 percent of Italian soccer club AC Milan and a deal is expected to be announced yesterday, a source with knowledge of the transaction said.
The deal is expected to be completed by the end of 2016, the source said.
Fininvest, the holding company of the Berlusconi family which owns AC Milan, entered exclusive talks with the consortium in May.
WEST Bromwich Albion have agreed to sell the club to Yunyi Guokai (Shanghai) Sports Development Ltd, controlled by businessman Guochuan Lai, in the latest instance of China's growing interest in football worldwide.
Financial terms of the deal, which is subject to approval by Britain’s Financial Conduct Authority and the Premier League, were not disclosed.
Sources have previously said the consortium’s offer for AC Milan values the club at between 700 million and 750 million euros ($834 million) including debt. — Reuters.