AC Milan sold to Chinese-backed consortium

Published 14.04.2017 00:00

Italian former prime minister Silvio Berlusconi finalized his troubled sale of soccer club AC Milan to a Chinese-led consortium Thursday, a 740-million-euro ($788 million) deal that tightens China's grip on the game in Italy.

The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group's purchase of Milan rival Internazionale FC last year. A Chinese firm also underwrites the media rights to the top league, Serie A.

In a statement, Berlusconi's family holding Fininvest said it had sold its entire 99.93 percent stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, the company that replaced the original Chinese bid vehicle.

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