A Chinese consortium has offered to buy AC Milan, one of former Italian PM Silvio Berlusconi's "most cherished assets, two sources familiar with the matter said on Friday," according to Elvira Pollina of REUTERS. One of the sources said that the offer values the club Berlusconi refers to as "my Milan" at around €700M ($801.3M) including debt. The identities of the Chinese investors "were not known." A second source said that formal talks "could only begin with the approval of Berlusconi, who is reluctant to lose control of such a high-profile asset, but he could change his mind." The first source said, "The offer is €700 million for the whole club, including debt. They want 70 percent now and the rest in a year or a year and a half." The 79-year-old has said that his financial resources "cannot compete with wealthy Arab and Asian investors" buying into European football (REUTERS, 4/29). ESPN's Sumeet Paul wrote those interested parties "are understood to be two Chinese groups," headed by Alibaba Group and Hutchinson Whampoa Ltd., respectively. Berlusconi "is believed to be discussing the move with his family and relevant directors," with claims that he must decide by next Wednesday whether or not to sell to either of the reported investors. While it "remains to be seen what impact new ownership would have on the club," with the usual suggestions that a new stadium and transfer funds to strengthen the squad "would be the priority, it has become increasingly clear in recent years that the time for a change has arrived." It is "easy to assume that a change in ownership will solve all the club's problems as money essentially talks and makes all the difference in modern-day football," aside from the "exceptional anomalies" such as Leicester City. However, for a club that is "now risking on missing out on European football once again next season, something simply has to give and that means Berlusconi relinquishing control" (ESPN, 5/1).
