NEWS
Monday January 9 2017
Sino-Europe move to Plan B?

Reports suggest Sino-Europe Sports will take out a loan to ensure their takeover of Milan is completed in time.

The Chinese consortium has a deal to buy the club from Silvio Berlusconi, but the transaction has been hit by a series of delays.

The new deadline for the acquisition has been set for March 3, but MilanNews is reporting that it’s unlikely the permission to take the funds out of China will be granted in time for that.

It’s thought Sino-Europe will wait until February 15 for approval, and if that isn’t granted a €320m loan will be taken out to pay the remaining money.

Funding would come from a Chinese financial institution, but one which is based abroad so there will be no problem getting the capital.

A new holding company, Rossoneri Sport Investment, has been set up in Luxembourg to transfer the shares from Fininvest.