NEWS
Friday September 23 2016
Sino-Europe threaten legal action

The Sino-Europe Sports group are threatening legal action after reports emerged that they had provided Milan with a false bank guarantee.

The Chinese consortium reached a deal to buy the Rossoneri from President Silvio Berlusconi’s holding company, Fininvest, last month. They have since paid a deposit of €100m and are due to conclude their takeover before the end of the year.

However, reports in Chinese media on Friday claimed that Sino-Europe had used false bank guarantees during the negotiations with Berlusconi, actions the group categorically denied in a statement.

“With regard to the incessant speculation from the media – including today’s, spread by Chinese daily Caixin, which claims that during negotiations Fininvest received false financial guarantees and false supporting documents – Sino-Europe Sports strongly declares that all of the speculation is unfounded and that it is considering beginning legal action,” the statement reads.

“As Fininvest has already stated several times, Sino-Europe Sports has duly and punctually complied with the financial obligations to Fininvest, in accordance with the agreement signed on 5th August.

“The parties are working attentively to finalise the closing of the deal, as was outlined in the said agreement.”