MILAN: Finally a Chinese consortium has completed its purchase of former world, European and Italian champions AC Milan.
Silvio Berlusconi’s Fininvest has sold its entire 99.93pc stake in the club to Rossoneri Sport Investment Lux, bringing to an end the former Italian Prime Minister’s 30-year reign.
This was the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24 by Fininvest ceo Danilo Pellegrino and David Han Li, as a representative of Rossoneri SIL.
The terms of the agreement are the same disclosed in August and reflect of an aggregate evaluation of AC Milan equal to €740m which includes the club’s debts of €220 million as at June 30, 2016.
A €90m million refund for AC Milan’s running costs anticipated by Fininvest from July 1, 2016, completes the evaluation.
The buyers have also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure.