Inter veteran Marco Fassone is chosen as Milan's incoming director general, but the new owners remain largely unidentified.
The Rossoneri may have been officially sold to the Chinese, resulting in a powerful injection of capital, but the process of rebuilding the club structurally has barely just begun.
The preliminary contract signed by president Silvio Berlusconi names Marco Fassone as the new director general at the club.
The 52-year-old has a wide knowledge of Serie A, having worked with Juventus, Napoli and most recently Inter, where Erick Thohir replaced him with Michael Bolingbroke.
While the Chinese have not made any specific mention of Adriano Galliani so far, it is expected that Fassone's appointment means the joint-CEO will end up stepping down.
Galliani may still be offered a honorary position, but he will no longer be responsible for the transfer market after this summer. Should he turn down a demotion within the club, he may end up leaving altogether, pursuing a career within Fininvest or as president of the Lega Serie A.
While Milan's board of directors is beginning to take shape, the precise identity of the Chinese investors remains shrouded in mystery.
The preliminary contract only names a state fund called Haixia as part of the conglomerate acquiring the club, but there are numerous other private and state-owned industries involved.
Yonghong Li, who is at the head of Haixia, has been heading the conglomerate so far, but he is a low-profile figure whose background is not particularly well-known.
Greater clarity on the names of the investors and the industries behind the sale is expected upon the final closing of the preliminary deal, which is expected to happen within the year.