AC Milan president Silvio Berlusconi has announced that the Italian club have been officially sold to a Chinese consortium, according to the BBC.
The consortium will be paying up to €440m over the next two years for 80%, which will increase the value of the club to around €750m, which includes the debt that Milan still have to pay off.
Berlusconi will look to oversee a full transition to the Chinese consortium over the next year, as they look to own 100% of the club, with the deal possibly meaning the club could be listed over in China.
Despite certain aspects of the deal still set to be finalised, and the name of the consortium to be revealed, Berlusconi stated that: “Milan has now embarked on this path towards China.”
The news comes after Milan posted a loss of €93.5m last year, and Berlusconi sought to change that by finding keen investors into the club that has been struggling to keep up with its rivals economically in the transfer market in the last couple of season.
The Italian owner came close to selling Milan to a Thai business owner last year, however he changed his mind at the last minute due to concerns of the amount of money available to invest.
Berlusconi isn’t the only owner to be committing their clubs to Asian backing, with city rivals Inter Milan being sold to Chinese electronic retailers Suning Commerce Group last month, whilst Aston Villa have also overseen a £76m takeover by Thai businessman Dr Tony Xia.