Milan Channel confirmed the exclusivity agreement with Chinese buyers is until June 15 and there are no penalties for pulling out.

Today President Silvio Berlusconi’s company Fininvest released a statement announcing an exclusivity deal for negotiations with a Chinese group, represented by American advisor Sal Galatioto.

Milan Channel confirmed the exclusivity agreement with Chinese buyers is until June 15 and there are no penalties for pulling out.

Today President Silvio Berlusconi’s company Fininvest released a statement announcing an exclusivity deal for negotiations with a Chinese group, represented by American advisor Sal Galatioto.

There were reports that Berlusconi specifically requested a clause allowing him to back out of the sale talks, but that this would warrant a financial penalty.

Milan Channel – the club’s official television station – this evening stated the exclusivity agreement will last until June 15.

During that period, the Berlusconi family’s company can only speak to these investors and not negotiate with other groups.

However, they also noted there are no financial penalties for either Fininvest or the Chinese group if talks are abandoned.

The deal to buy 70 per cent of the Serie A club is believed to be worth €740m.

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