AC Milan has been acquired by a Chinese consortium for €740m.
The deal which was concluded on Thursday marks the transfer of ownership from Former Italian Prime Minister Silvio Berlusconi to the Yonghong Li led consortium: Rossoneri Sport Investment Lux.
“It’s an important decision to give AC Milan to someone able to make it be a protagonist in Italy, Europe and globally. I didn’t discuss price, I’ve accepted what they offered me.” Berlusconi said in a statement.
Milan, the 2007 Champions league winner have been struggling in the Italian league and have failed to qualify for continental competition this season. It is hoped that the new owners will inject funds and restore the prestige and glory of the club.
