AC Milan announces shareholders’ meeting ahead of sale

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MILAN (AP) AC Milan has announced a shareholders’ meeting for Friday to complete the sale of the club.

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Closing the sale to a group of Chinese investors has been scheduled for Friday since a postponement was agreed at the end of last year by Silvio Berlusconi’s holding company and Sino-Europe Sports.

The meeting is a formality as Berlusconi owns 99.93 percent of the club, which he purchased 30 years ago.

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The deal with the Chinese group, which includes the participation of a Chinese state investment fund, values the club at 740 million euros (around $800 million), and requires the investors to spend 350 million euros over three years on improvements.

A press conference is expected on Saturday.