Chinese consortium completes AC Milan's stake acquisition

Source: Xinhua| 2017-04-14 00:13:19|Editor: yan
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PARIS, April 13 (Xinhua) -- Rossoneri Sport Investment Lux, formerly known as Sino-Europe Sports and led by Chinese businessman Li Yonghong, completed the purchase of AC Milan's 99.93 percent stake from Fininvest on Thursday, ending a 31-year charge by Silvio Berlusconi.

"Today Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux," the Serie A club said in a statement.

The deal, which valued the club at 740 million euros (787 million U.S. dollars), was reached between Sino-Europe Sports and Fininvest last August, while suffering several delays later.

The club's indebtedness equal to 220 million euros (234 million U.S. dollars) was included in the total value, also requiring the club to spend 350 million euros (372 million U.S. dollars) over three years on club improvements.

"My thanks go to Berlusconi and Fininvest for their trust. We will build on the future for the club," said Li.

The shareholders' meeting will be held on Friday, and AC Milan's new managing board are expected to be announced.

The new owners' debut will be Saturday's derby against arch-rivals Inter Milan, another Serie A club bought by Chinese investors Suning Group.

AC Milan won eight league titles and five Champions League trophies in Berlusconi's 31-year spell, while underperforming in recent years, with their last league title back in 2011.

Ranked sixth on the table, AC Milan had a 20-point gap from leaders Juventus.