ROME: The long-delayed Chinese takeover of former world, European and Italian champions Milan could finally be sealed by Froday of next week.
Investors are then due to pay former Italian Prime Minister Silvio Berlusconi, controller of Milan’s holding company Fininvest, an outstanding €320m ($343.4m) and are also expected to inject a further €100m into the team, as initially agreed in August.
Media reports in Italy claim the consortium – whose members have apparently varied – has already paid €200m in three separate payments to Fininvest.
The completion of the deal had previously been set for last December 13 only to be postponed. The investment group, led by Haixia Capital and entrepreneur Yonghong Li, signed an agreement in August to assume control of Milan through investment vehicle Sino-Europe Sports Investment Management Changxing (SES).
However, although the original deal was supposed to be completed on December 13, SES has struggled to receive approval from the Chinese government. The takeover values Milan at €740m, including €220m of debt, and is set to represent the biggest Chinese investment in a European football club.
Reuters added that the full composition of the Chinese consortium is still unknown and is due to be revealed at the closing of the takeover.