Fininvest, the company chaired by Silvio Berlusconi and majority shareholder of the Italian Milan, officially announced on Friday the signing of a pre-contract to sell 99.93 percent of the club to a group of Chinese investors, in exchange for 740 million euros.
Official. "President Silvio Berlusconi approved the preliminary contract signed by CEO Danilo Pellegrino and Han Li, representative of a group of Chinese investors, for the sale of the complete stake, 99.93 percent, of AC Milan," Fininvest said in a statement.
"The binding contract between the parties will be completed at the end of 2016, when the authorizations required in these cases by the Italian and Chinese authorities are obtained," the note adds.
Multi-million figure. Sino-Europe will pay Silvio Berlusconi 740 million euros, which also includes the club's 220 million debt, and have agreed to invest a minimum of 350 million in the transfer market over the next three years.
The current Milan squad includes forward Gianluca Lapadula, of Peruvian descent. The team is coached by Italian Vincenzo Montella.
EFE
