Sports AC Milan completes drawn-out sale to Chinese-owned company

19:04  13 april  2017
19:04  13 april  2017 Source:   theScore

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Both Milan soccer teams now owned by Chinese investors. The binding contract is expected to be completed by the end of 2016. Milan has struggled in recent years, with the team a The sale agreement requires the purchasers to carry out capital increases and liquidity injections for a total of

News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. AC Milan sale to Chinese investors will be finalised on March 3. AC Milan to revive interest in out -of-favour Chelsea star Cesc Fabregas at the end of the season.

The Silvio Berlusconi era at AC Milan has come to an end.

The Serie A giant has been taken over by Rossoneri Sport Investment Lux, a holding company in Luxembourg owned by Chinese businessman Yonghong Li, following a series of delays which stretched back to last August.

Overall, the deal is worth €740 million, including €220 million in debt.

AC Milan's official statement read:

Today Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux.

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"Tomorrow, the general shareholders' meeting of AC Milan shareholders will, among other things, vote on the appointment of the new corporate bodies of the company ." The deal ends Berlusconi's 31-year reign of the Rossoneri and means both Milan teams are Chinese - owned .

"Tomorrow, the general shareholders' meeting of AC Milan shareholders will, among other things, vote on the appointment of the new corporate bodies of the company ." The deal ends Berlusconi's 31-year reign of the Rossoneri and means both Milan teams are Chinese - owned .

The closing is the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.

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Both Milan clubs, who play at the San Siro, are Chinese - owned (Mike Egerton/Empics). “Tomorrow, the general shareholders’ meeting of AC Milan shareholders will, among other things, vote on the appointment of the new corporate bodies of the company .”

  AC Milan completes drawn-out sale to Chinese-owned company © Twitter / @auropalomba

More to come.

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