NEWS
Saturday December 3 2016
Milan delays cut January spending

Milan seem set to receive another €100m deposit to delay closing until February 28, but that means no January transfer spending.

The date for the closing – the completion of the sale of the club to Chinese investors – is supposed to be on December 13, when there is a Board of Directors meeting called.

However, President Silvio Berlusconi confirmed this week there could be delays of four to six weeks in order for the group to get the necessary authorisation from the Chinese Government to send funds abroad.

Fininvest (Berlusconi’s holding company) and Sino-Europe Sports released a joint statement on Friday noting they had a positive meeting and things were progressing well.

However, multiple reports today including La Gazzetta dello Sport and La Repubblica claim the closing is postponed until February 28.

The Chinese investors will pay another €100m deposit on top of the one already handed to Berlusconi.

This will be going straight to the patron and means there won’t be much cash for Vincenzo Montella to boost his squad during the January transfer window.

All moves have to be given the double stamp of approval by the current and future administrations of the club.

Part of the deal with Sino-Europe Sports is €100m per year investment in the club’s transfer kitty for the next three years, but until the closing this too is delayed.