Fininvest confirms sale of AC Milan to Chinese investors

Fininvest, the family holding company lead by former prime minister Silvio Berlusconi, confirmed on Friday it had signed a preliminary agreement to sell 99.93 percent of Italian soccer club AC Milan to a group of Chinese investors.

The consortium includes Chinese development and investment fund Haixa Capital and Yonghong Li, chairman of the management company Sino-Europe Sports Investment Management Changxing, Fininvest said in a statement.

Players of AC Milan and AC Milan chairman Silvio Berlusconi celebrate after winning the Berlusconi Trophy during the Berlusconi Trophy match between AC Milan and Juventus FC at Giuseppe Meazza Stadium on August 21, 2011
Claudio Villa | Getty Images Sport | Getty Images
Players of AC Milan and AC Milan chairman Silvio Berlusconi celebrate after winning the Berlusconi Trophy during the Berlusconi Trophy match between AC Milan and Juventus FC at Giuseppe Meazza Stadium on August 21, 2011

The holding company added that other Chinese investors - some of which state-controlled - would be part of the deal but did not give further details.

Fininvest said the deal valued the prized club at 740 million euros ($826 million), including 220 million euros of debt.

It said the buyers had committed to investing 350 million euros over the next three years, of which 100 million euros would be paid at the signing of the preliminary agreement.