NEWS
Tuesday June 28 2016
Report: Berlusconi agrees Milan sale

It’s reported Silvio Berlusconi has agreed a deal to sell 80 per cent of Milan to a Chinese group.

A conglomerate from the Far East has been in negotiations to purchase the Rossoneri in recent months, with the deal delayed by President Berlusconi’s heart surgery.

However, La Repubblica is now reporting that a deal has been reached, with the new owners to take over 80 per cent of the club for a fee of around €750m, including €240m of debt.

The newspaper reports that Berlusconi held a meeting with the other heads of Fininvest, the holding company founded by him which owns Milan.

The final details of the sale are said to have been agreed in recent weeks, with Berlusconi winning assurances that investment will be made in the playing staff.

Berlusconi will stay on as President for the next three years, with the Chinese having the option to buy out his 20 per cent after that period.

However, the remaining equity is valued higher than the 80 per cent which is being sold, meaning the patron can veto that sale if promises about investment aren’t met.

An announcement is expected at some time next week.

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