A board meeting on Thursday "could sanction a historic change" in the ownership of AC Milan amid reports of a "successful takeover bid from a group of Chinese investors," according to Ben Gladwell of ESPN. According to reports in Italy, including Il Corriere dello Sport, the Evergrande Real Estate Group -- already owners of Chinese Super League club Guangzhou Evergrande and led by Alibaba Founder Jack Ma and Chinese search engine Baidu co-Founder Robin Li -- "have reached an agreement" with AC Milan President Silvio Berlusconi for €700M ($795M)-€720M ($817M). The agreement "could be signed and sealed at the weekend, when Berlusconi's 30-year ownership could officially come to an end." It would bring an end to "almost 18 months of on-off negotiations over the sale of Milan." Berlusconi "initially stated his desire to relinquish part of his stake when Thai businessman Bee Taechaubol declared his interest." They were "close to an agreement," but there was a clause in a memorandum of understanding signed last September which meant the deal "would expire if Berlusconi did not commit to it by a certain date, and he did not." This time around, however, Berlusconi "is reported to have finally agreed to the total sale of the club, on the advice of his children." The proposed takeover "could see Marcello Lippi installed as the club's new coach next season." The 68-year-old Italian admitted last December "that he is waiting for the right offer to return to coaching and that could come from the people who celebrated success with him in Guangzhou" (ESPN, 4/28).
