Chinese investors complete acquisition of Italian football giant AC Milan

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AC Milan

Chinese investors Rossoneri Sport Investment Lux have completed the acquisition of Italian football club AC Milan for a £628m deal.

This is the first time in 31 years that the ownership of the Serie A giants has changed hands, and it comes after almost two years of negotiations.

The move now means former Italian Prime Minister Silvio Berlusconi has relinquished control of the San Siro outfit after over three decades at the helm.

The sale — first announced in May 2016 — was twice postponed because of funding complications, but a loan has enabled Rossoneri Sport Investment Lux to meet its obligations.

“Today Fininvest has completed the sale of the entire stake owned in AC Milan — equal to 99.93% — to Rossoneri Sport Investment Lux,” read a statement on the club’s official website.

“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.

“Tomorrow, Friday April 14th, AC Milan’s shareholders’ meeting will resolve the appointment of the new governance bodies of the company.”

Under Berlusconi’s reign, AC Milan won 29 trophies, including five European Cups.

They have however not been able to qualify for European football in the last three years, the club’s longest absence from continental action.

The Rossoneri are currently ranked sixth in the Serie A table with 57 points, 20 points adrift of league leaders Juventus.