Chi­nese in­vestors agree to buy AC Mi­lan

Chronicle (Zimbabwe) - - Sport Starts Here -

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.

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