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Struggling AC Milan, one of the most decorated clubs in Europe has been sold for €740m to a Chinese- consortium, Rossoneri Sports Investment Lux.

AC Milan

With this sale, it means former Italian Prime Minister, Silvio Berlusconi has divested his 99.93 percent stake in the club which his family holding, Fininvest held.

In a joint statement by Fininvest and Rossoneri Sports Investment Lux said: “Today Fininvest has completed the sale of the entire stake owned in AC Milan – equal to 99.93% – to Rossoneri Sports Investment Lux.

“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 buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure”, the statement concluded.

This deal follows another Chinese firm, Suning Commerce Group buying Millan’s rival, Internazionale FC last year.

Written By Damilola Faustino

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