Chinese state television reports that Robin Li’s Baidu has completed a takeover of Milan.
Talks have been ongoing between President Silvio Berlusconi and an unnamed Chinese consortium for some time, but so far nothing has been made official.
Berlusconi has agreed to sell the majority of the club, but no preliminary agreement has yet been signed, not helped by delays while the patron had heart surgery.
Now CCTV [China Central Television] is reporting that Robin Li’s company Baidu has completed a 70 per cent takeover for $437m [€393m].
Chinese state television reports that Robin Li’s Baidu has completed a takeover of Milan.
Talks have been ongoing between President Silvio Berlusconi and an unnamed Chinese consortium for some time, but so far nothing has been made official.
Berlusconi has agreed to sell the majority of the club, but no preliminary agreement has yet been signed, not helped by delays while the patron had heart surgery.
Now CCTV [China Central Television] is reporting that Robin Li’s company Baidu has completed a 70 per cent takeover for $437m [€393m].
However, these reports must be treated with caution, as a sale of 80 per cent was expected for around €500m, with another €200m to cover the Rossoneri’s debt.
In addition, MilanNews purports to have contacted sources at Fininvest, the holding company for the Diavolo, who are denying the deal is complete.