The takeover of Milan has officially been completed, with Silvio Berlusconi selling the club after 31 years.
A consortium led by Chinese businessman Yonghong Li has been attempting to buy the Rossoneri for some time, but the deal was hit by a series of delays.
However, after Sino-Europe Sports became Rossoneri Sport Luxembourg and received investment from an American hedge fund, a meeting was held this morning to ratify the sale.
The takeover of Milan has officially been completed, with Silvio Berlusconi selling the club after 31 years.
A consortium led by Chinese businessman Yonghong Li has been attempting to buy the Rossoneri for some time, but the deal was hit by a series of delays.
However, after Sino-Europe Sports became Rossoneri Sport Luxembourg and received investment from an American hedge fund, a meeting was held this morning to ratify the sale.
“Fininvest had today finalised the sale to Rossoneri Sport Investment Lux of the entire stake, amounting to 99.93 per cent, in AC Milan”, an official joint-statement confirms.
"Today's finalisation gives full effect to the takeover agreement signed by the managing director of Fininvest, Danilo Pellegrino, and David Han Li, the representative of Rossoneri Sport Investment Lux on August 15, 2016 and renewed on March 24 of this year.
"The details of the agreement are those announced and provide an overall valuation of AC Milan at €740m, consisting of a debt burden evauated on June 30, 2016, as per the agreements between the parties, of around €220m.
"That amound has been collected by Fininvest, along with €90m as reimbursment of capital contributions made by Fininvest in favour of Milan from July 1, 2016 to today.
"The buyers have confirmed their commitment to make important recapitalisation investments to the balance sheet and the financial strengthening of AC Milan.
"Tomorrow, Friday April 14, the general shareholders' meeting of AC Milan shareholders will, among other things, vote on the appointment of the new corporate bodies of the company.
"Rossoneri Sport Investment Lux was advised by Rothschild & Co for the financial aspects, and by Gianni, Origoni, Grippo, Cappelli & Partners as well as Gattai, Minoli, Agostinelli & Partners for the legal aspects.
"Fininvest was advised by Lazard and Studio Chiomenti for the financial and legal aspects respectively."