04/14/2017, 13.32
CHINA – ITALY
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Rossoneri Sport Investment Lux buys AC Milan for 740 million euros

AC Milan team is the second largest Chinese-owned Serie A club. The Suning Commerce Group of Chinese billionaire Zhang Jindong bought Inter Milan in June last year.

Milan (AsiaNews/Agencies) – The Rossoneri Sports Investment Lux, formerly known as Sino-Europe Sports headed by Chinese businessman Li Yonghong, yesterday finalised the purchase of 99.93 per cent of AC Milan from Fininvest.

The old owners issued a statement this afternoon confirming the sale, which took place this morning in the presence of Rossoneri Sport Investment Lux general manager Han Li.

The signing was the last step in a process that began when Silvio Berlusconi and Fininvest agreed to sell the football club to the consortium of Chinese investors on 5 August 2016.

Fininvest had accepted to sell the sports franchise to the Chinese consortium for about € 740 million (US$ 787 million), but late payments and questions over the identity of the members of the consortium had stalled the deal.

The beleaguered deal was revived in on 24 March, when the Wall Street Journal reported that US hedge fund Elliott Management Corp. had agreed to part fund the sale.

AC Milan is now the second major Serie A club under Chinese ownership. Suning Commerce Group bought a 68.55 per cent stake in Inter Milan for a reported 270 million euros in June last year.

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