The takeover of Milan by a Chinese group is expected to finally be completed today.
Silvio Berlusconi has been trying to sell the club for some time, but the takeover by Yonghong Li’s consortium has been repeatedly delayed.
However, after investment from a US hedge fund it appears the takeover will now happen, and that today will be the historic day.
Corriere della Sera reports that the remaining €370m will be paid today, with the handover to take place at a law firm in central Milan.
The takeover of Milan by a Chinese group is expected to finally be completed today.
Silvio Berlusconi has been trying to sell the club for some time, but the takeover by Yonghong Li’s consortium has been repeatedly delayed.
However, after investment from a US hedge fund it appears the takeover will now happen, and that today will be the historic day.
Corriere della Sera reports that the remaining €370m will be paid today, with the handover to take place at a law firm in central Milan.
This evening, Berlusconi will host a dinner at Arcore with his daughter, Barbara, and current CEO Adriano Galliani, who will be joined by Han Li, Yonghong Li and incoming CEO Marco Fassone.
The current board of directors have already tendered their resignations, and that will be officially ratified at the shareholders’ meeting tomorrow.
It's only after this final step that the takeover can be officially announced, but the ratification is a formality as Berlusconi's Fininvest own 99.93 per cent of shares.