Home Business NewsBusiness Silvio Berlusconi sells AC Milan to Chinese buyer in £430m deal

Silvio Berlusconi sells AC Milan to Chinese buyer in £430m deal

by LLB Reporter
6th Jul 16 10:43 am

Big day for the football world

Former Italian Prime Minister Silvio Berlusconi has sold Italian giants AC Milan to a Chinese consortium for a whopping £827m.

“I gave up Milan to a group that can bring them back to prominence in Italy, in Europe and in the world,” Berlusconi told the press.

“I demanded that they provide at least €400m to be spent on the [transfer] market over the next two years. They are an important group, with an involvement of the [Chinese] state.”

Berlusconi, who has served as prime minister four times but was convicted of tax fraud and bribery, said his family holding company Fininvest entered into talks with the Chinese buyer in May.

The consortium is looking to buy 80% of the club immediately before eventually taking over the remainder.

Berlusconi has been president of AC Milan since 1986.

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