AC Milan has been sold for €740million to Rossoneri Sport
Investment Lux, led by Chinese businessmen Yonghong Li and Han Li.
The deal was announced on Thursday, after almost two years
of negotiations.
This means former Italian Prime Minister, Silvio Berlusconi,
has relinquished control after over three decades at the helm.
“Today Fininvest has completed the sale of the entire stake
owned in AC Milan — equal to 99.93% — to Rossoneri Sport Investment Lux,” read
a statement on the club’s official website.
“The closing is the last step of the purchase agreement
signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo
Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment
Lux.
“The terms of the agreement are the same disclosed in August
and reflect of an aggregate evaluation of AC Milan equal to €740m, which
includes the club’s indebtedness, equal to €220m as of June 30th 2016. A €90
million refund for AC Milan’s running costs anticipated by Fininvest from July
1st 2016 hitherto add up to the evaluation.
“The buyers also confirmed their commitment to undertake
significant capital increases and liquidity injections aimed at strengthening
AC Milan’s financial structure.
“Tomorrow, Friday April 14th, AC Milan’s shareholders’ meeting
will resolve the appointment of the new governance bodies of the company.”
Milan have won 29 trophies including five European Cups
under Berlusconi’s ownership.
They face city rivals Inter in the first game under their
new ownership this Saturday.
By Ifreke Inyang
