AC Milan sold to Chinese consortium

AC Milan sold to Chinese consortium

MILAN — Silvio Berlusconi’s 31-year reign at AC Milan is over.

Italy’s most successful club was finally sold by the former Italian prime minister to a Chinese-led consortium after several delays over the past few months.

Berlusconi’s holding company, Fininvest, released a statement Thursday announcing that it had completed the transfer of its 99.93 per cent stake in Milan to Rossoneri Sport Luxembourg — which was formerly known as Sino-Europe Sports.

The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.

“I thank Berlusconi and Fininvest for their trust and the fans for their patience. From today we will build the future,” Li said.

The deal, which values Milan at 740 million euros (about $800 million), requires the investors to spend 350 million euros ($372 million) over three years on improvements.

“The buyers have confirmed their commitment to fulfil important recapitalization investments to the balance sheet and strengthen AC Milan’s finances and assets,” Fininvest said in the statement.

A general shareholders’ meeting has been called for Friday when the names of the new president and directors will be announced. There is also expected to be a news conference on Friday.

The new owners’ first match will be Saturday’s derby against Inter Milan, which is also owned by a Chinese company.

“This is an epochal day for Milan,” AC Milan coach Vincenzo Montella said. “I would like to thank Berlusconi and (vice-president Adriano) Galliani for having given me the opportunity to coach a club as glorious as the Rossoneri.

“In the next few days I will meet the new management and together we will find the solutions to make Milan as successful as it was in the past.”

During Berlusconi’s reign, Milan won a number of trophies at home and abroad. The Rossoneri won eight league titles, one Italian Cup and seven Super Cups as well as five Champions League trophies and five UEFA Super Cups.

But the famous Italian club has slipped from the top in recent years and is currently sixth in Serie A.

Milan won the Italian Super Cup in December, beating Juventus for its first trophy in six years.

“I’m leaving today, after more than 30 years, the title and job of Milan president,” Berlusconi said in a long statement on Milan’s website. “I do it with pain and emotion, but with the knowledge that in modern soccer, in order to compete at the top European and world levels, you need investment and resources which one single family is not able to sustain.

“I will always be the first fan of Milan, the team that my father taught me to love as a child, the dream that we realized together. To the new owners I give my best and most heartfelt wishes that you achieve goals even more extraordinary than those achieved by us.”

The Associated Press

Just Posted

Snowfall warning remains in effect

Public urged to postpone non-essential travel

Terrace to Hazelton bus service launched

First trip of BC Transit’s latest inter-community route set for Nov. 20

Snowfall warning issued for Terrace

Environment Canada expects up to 30cm by this evening

UPDATE: One injured in collision near Onion Lake

The semi truck and van collided between Terrace and Kitimat at 1:45 p.m. Nov. 15.

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

Pine beetles from Jasper National Park moving into commercial forest

In 2014, beetle activity went from a few spots around Jasper’s townsite to rampant

VIDEO: Tragically Hip members, Alex Trebek receive Order of Canada

Newest recipients join 6,897 Canadians such as Christine Sinclair, Graham Greene and Mark Messier

AC/DC’s Malcolm Young dies at 64

‘Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many.’

‘I will now live in consistent fear’: Allan Schoenborn granted escorted leaves

The Merritt man was deemed not criminally responsible in the killing of his three children in 2008

Hammy the deer dodges conservation officers in Prince Rupert

The famous Prince Rupert hammock deer maintains his purple threads

‘No shirt, no service, no Canada’

Shirtless Tacoma man arrested after Canadian border officials say they found meth in rental vehicle

Nasty note on B.C. windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Most Read