NEWS
Monday February 13 2017
Milan takeover moves closer

The takeover of Milan by a Chinese consortium is moving closer, after a loan used to pay the second instalment was repaid.

Sino-Europe Sports was due to acquire control of the Rossoneri by the end of December, but the deal was delayed until March as they didn’t have permission to move money out of China.

As recompense for that, the group paid a second deposit of €100m to Silvio Berlusconi’s Fininvest, and new documents reveal that has now been paid back.

Calcio e Finanza has acquired documents showing that Willy Shine International Holdings Limited, a holding company based in the British Virgin Islands, has been “repaid in full” for the loan of 830m Hong Kong dollars, which is around €102m.

The money was paid back by Rossoneri Sport Investment, the company which SES has set up to acquire Milan.

This would therefore indicate that the money is now in place to complete the takeover on time.