AC Milan sold to Chinese consortium

AC Milan sold to Chinese consortium

MILAN — Silvio Berlusconi’s 31-year reign at AC Milan is over.

Italy’s most successful club was finally sold by the former Italian prime minister to a Chinese-led consortium after several delays over the past few months.

Berlusconi’s holding company, Fininvest, released a statement Thursday announcing that it had completed the transfer of its 99.93 per cent stake in Milan to Rossoneri Sport Luxembourg — which was formerly known as Sino-Europe Sports.

The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.

“I thank Berlusconi and Fininvest for their trust and the fans for their patience. From today we will build the future,” Li said.

The deal, which values Milan at 740 million euros (about $800 million), requires the investors to spend 350 million euros ($372 million) over three years on improvements.

“The buyers have confirmed their commitment to fulfil important recapitalization investments to the balance sheet and strengthen AC Milan’s finances and assets,” Fininvest said in the statement.

A general shareholders’ meeting has been called for Friday when the names of the new president and directors will be announced. There is also expected to be a news conference on Friday.

The new owners’ first match will be Saturday’s derby against Inter Milan, which is also owned by a Chinese company.

“This is an epochal day for Milan,” AC Milan coach Vincenzo Montella said. “I would like to thank Berlusconi and (vice-president Adriano) Galliani for having given me the opportunity to coach a club as glorious as the Rossoneri.

“In the next few days I will meet the new management and together we will find the solutions to make Milan as successful as it was in the past.”

During Berlusconi’s reign, Milan won a number of trophies at home and abroad. The Rossoneri won eight league titles, one Italian Cup and seven Super Cups as well as five Champions League trophies and five UEFA Super Cups.

But the famous Italian club has slipped from the top in recent years and is currently sixth in Serie A.

Milan won the Italian Super Cup in December, beating Juventus for its first trophy in six years.

“I’m leaving today, after more than 30 years, the title and job of Milan president,” Berlusconi said in a long statement on Milan’s website. “I do it with pain and emotion, but with the knowledge that in modern soccer, in order to compete at the top European and world levels, you need investment and resources which one single family is not able to sustain.

“I will always be the first fan of Milan, the team that my father taught me to love as a child, the dream that we realized together. To the new owners I give my best and most heartfelt wishes that you achieve goals even more extraordinary than those achieved by us.”

The Associated Press

Just Posted

Slideshow: Shuswap Stars sparkle on the dance floor

Stunning choreography raises funds for new chalet at Larch Hills

Traffic stopped on Highway 97B due to crash

The incident took place south of Mellors Store.

Families of missing Shuswap women call for action

Birthday of missing woman Ashley Simpson remembered during rally in Yankee Flats

‘Listen to your gut’ urges injured skier

Mike Shaw was told he’d never walk again after an accident four years ago, but he defied the odds

Nasty note on windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Drones used in search for clues about missing women

A volunteer search party was supported by professional drone operators

‘An officer and a gentleman’: Const. John Davidson is laid to rest

Thousands attend memorial service for slain Abbotsford Police officer

VIDEO: Coquihalla closed both directions near Merritt

Detours are available via Hwy. 8 and Hwy. 1

VIDEO: The Last Jedi is going to be the longest ‘Star Wars’ movie yet

Newest movie in the franchise will beat Star Wars: Episode II - Attack of the Clones

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week.

PHOTOS: Procession and funeral for Const. John Davidson

Thousands attended celebration of life for Abbotsford police officer

B.C. Liberal leadership candidates debate different paths for party

Third debate held Sunday, Nov. 19 at Nanaimo’s Vancouver Island Conference Centre

Vernon poet makes poetry prize shortlist

He’s been involved with the craft since the ’70s, gaining recognition along the way

LIVE: BC Liberals kick off leadership debate in Nanaimo

Candidates’ forum is at noon at Vancouver Island Conference Centre

Most Read