Chinese consortium completes AC Milan takeover
The massive AC Milan takeover has been completed today. Sky Italia reported that the delayed sale move was completed today in Milan which handed over ownership to the Chinese group Sino-Europe Sports.
The tedious and complicated deal has been proposed since August 2016 and the takeover was postponed twice, in December and March. There was activity reported by ESPN stating the sale was imminent as Sino-Europe leader Yonghong Li landed in Milan on Wednesday. Final details and transfer of funds were keeping the deal from completion. Sino-Europe Group was expected to pay 190 million euro in addition of the 250 million euro deposit amount and 180 million loan by American fund Elliott Management.
As per the Calcio Mercato the meeting was taking place in the headquarters of the law firm Gianni Origoni & Partners and it begun at 9.12 am (CET +1). Representatives of both sides including Chinese entrepreneur Han Li and new AC Milan CEO Marco Fassone joined the meeting at five to ten with their arrival at the meeting. Documents regarding the sale were signed during the meeting transferring controlling asset of the Italian Giants to Chinese Consortium from Fininvest.
Deal is valued at staggering 630 million however there is uncertainty around financial details.It is reported that contract includes a clause giving ownership to Haixia Capital Management who provided funds. The group will hold ownership till the amount of 303 million euro is paid back. AC Milan fans were assured that sales of condition include a statement the new owners must invest 400 million euro over the course of next two years.
Sale marks end of 31 year long stint as AC Milan president for Former Italian prime minister Silvio Berlusconi. The club won 29 titles under the presidency of Berlusconi .The new owners are supposed to hold a press conference on Friday which will give more information about the sell and the club’s future. First match of the AC Milan under new ownership is against city rivals Inter Milan on Saturday at 11.30 pm.