AC Milan owner Silvio Berlusconi has reportedly agreed a deal to sell 75 percent of his ownership stake in the 18-time Serie A-winning club to a group of Chinese investors, rumored to be heavily involved with the Chinese government, according to a report by AskaNews.
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The sale will net Berlusconi, who reportedly said it was a “done deal” during a private event on Tuesday night, more than $1 billion.
Berlusconi’s majority share of the club has reportedly been on the market for quite some time now, though the 78-year-old and business partners have repeatedly refuted these reports.
The prospective ownership group’s link to the Chinese government is a slippery one, at best, as “AskaNews believes that the Chinese government is playing a large role in the operation, in order to promote football in the country, with the long-term aim of making the national team a major world power.”
Milan, which currently sits in eighth place in Serie A, 14 points off the third and final UEFA Champions League place, hasn’t seen serious financial investment in the shape of new players for almost five years now, with the above conjecture signaling that may not be set to change anytime soon.
This particular sale would mean that both Milan clubs are to be under Asian ownership after Indonesian tycoon Erick Thohir bought a 70 percent stake in Inter Milan in November 2013.