Silvio Berlusconi has officially signed a contract to sell 48 per cent of Milan to Bee Taechaubol, closing by September 30.
A series of meetings in Milan and Sardinia over the last few days finalised details of this investment.
Berlusconi will remain as President and continue to hold a majority share of the club.
His company Fininvest announced today that the deal is worth €480m and the date set for closing is September 30.
Some reports suggest there is a €30m penalty should either party pull out, but that does not appear to be the case.
The news was confirmed by Fininvest's media company Mediaset.
It is also rumoured there will be a third CEO introduced to join Adriano Galliani and Barbara Berlusconi.
The Board of Directors will be formed of seven figures from Berlusconi's circle and five representing Taechaubol.
A full statement to follow.
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