MILAN: Milan president Silvio Berlusconi has agreed to sell a 48pc stake in the former world, European and Italian champions to Thai businessman Bee Taechaubol.

The Rossoneri have thus followed the example of neighbours Internazionale where the Moratti family sold a significant stake to Indonesian businessman Erick Thohir and US-controlled Roma.

Taechaubol, who is believed to have paid €485m for the stake, posted a message on social media which read: “A great honor to complete the AC Mlian agreement with president Berlusconi, a phenomenal leader.”

As part of the deal Berlusconi will retain control of the club and remain as president.

Speaking about the deal in July, the 78-year-old said the club needed foreign investment to compete with the big clubs in Europe.

Taechaubol told Mediaset that he and Berlusconi want the club to grow globally under this deal.

“You’ll see me at San Siro often as a fan with president Berlusconi. So that we can win together, naturally,” he said. “We signed an agreement that will allow our investors to start working for the club very soon.

“We are in agreement, we want to help Milan grow even more all over the world.”