AC Milan sold to Chinese-backed consortium

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Adriano Galliani (C), CEO of Italian Serie A football club AC Milan, arrives at a notary's office where representatives of Fininvest, the Silvio Berlusconi's holding, and representatives of Chinese consortium Sino-Europe Sports (SES), are meeting today on April 13, 2017 in Milan. A new era in Italian football was hailed today after AC Milan were sold to Rossoneri Sport Investment Lux, formerly known as Sino-Europe Sports (SES), in a deal which sees the Chinese-led consortium take a 99.9 % stake in the club. Milan, the seven-time European champions who are Italy's most succcessful club at international level, have been owned since 1986 by Silvio Berlusconi, a former three-time Prime Minister of Italy. / AFP PHOTO / MIGUEL MEDINA

Serie A giants AC Milan were sold to Rossoneri Sport Investment Lux on Thursday in a deal which sees the Chinese-led consortium take a 99.9% stake in the club.

The seven-time European champions who are Italy’s most succcessful club in international competition, have been owned by former three-time Italy prime minister Silvio Berlusconi since 1986.

A joint statement by AC Milan’s holding company Fininvest and Rossoneri Sport Investment Lux said: “Today Fininvest has completed the sale of the entire stake owned in AC Milan – equal to 99.93% – to Rossoneri Sport Investment Lux.”

-AFP

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