Milan's Chinese owner seeks new investors

REUTERS
MILAN
Published 29.09.2017 21:55

The Chinese owner of former European soccer champions AC Milan is looking for one or more investors to share the financial burden, less than six months after buying the loss-making Italian club, two sources said. Former Italian Prime Minister Silvio Berlusconi finalised the sale of AC Milan in April to a Chinese-led consortium headed by Li Yonghong in a 740 million euro ($872 million) deal, the biggest Chinese investment in a European soccer club. But Li has since effectively become the sole investor after his partners backed out following Beijing's crackdown on foreign acquisitions, especially in soccer, according to a source close to the matter. The source said Li would be more comfortable sharing the financial risk associated with managing and investing in the club, which lost 75 million euros in 2016 and is expected to remain in the red for this year at least. A spokeswoman for AC Milan said there was no indication of any potential changes in the club's ownership. AC Milan spent 230 million euros on players during the latest transfer season, behind only Paris St Germain and Manchester City. 18.

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