Off the wire
• Frequent RRR cuts increase yuan deprecation pressures  • Feature: Reusable sanitary pads bring joy to rural girls in Namibia  • South Africa's ruling party receives more votes than ever: results  • Aged panda gives birth in southwest China  • Typhoon Nida kills one person in Guangxi  • Inner mongolia city suffers severe drought  • Local official investigated for corruption  • U.S. stocks open higher on robust jobs report  • AU calls for joint efforts to flush out Al-Shabaab in Somalia  • China to maintain prudent monetary policy  
You are here: 　 Home

Preliminary agreement signed to sell AC Milan to Chinese investors

Xinhua, August 5, 2016 Adjust font size:

A Chinese consortium will pay 740 million euro to buy 99.93 percent of AC Milan club shares, according to a preliminary agreement signed on Friday.

Under the agreement, the Chinese investors headed by Li Yonghog, chairman of Sino-Europe Investment Management company, will pay 740 million euro, a number which includes assuming the 220 million euro of debt, to buy 99.93% shares of the Italian club.

"We have been negotiating with Fininvest for a long time, it was really hard," an insider told Xinhua. "Due to language barriers, we could not put our messages to the club president Mr. Silvio Berlusconi. Our plan almost went flat several times. We carried on until the end."

The Chinese team's lawyers worked out the details of the agreement on Wednesday night and sent it to Berlusconi for approval.

The former Italian Prime Minister, who has been rumored to sell his club several times, made up his mind and on Friday called the Chinese side to his villa in Sardinia where they signed the agreement.

Chinese electronics retailer Suning Commerce Group Co Ltd in June bought nearly 70 percent of city rivals Inter Milan for 270 million euros. Endit