AC Milan Owner Silvio Berlusconi's holding company Fininvest "has agreed to negotiate exclusively with a group of Chinese investors for the possible sale of a stake in AC Milan," according to the AP. Without naming the Chinese investors, a statement on Milan's website Tuesday said that a "memorandum of understanding" had been signed between the parties to open the negotiations. Gazzetta dello Sport reported that the exclusive negotiating deal will last for 45 days, and a €500M ($570M) offer for 70% of Milan "is being discussed." The 79-year-old Berlusconi "discussed selling Milan with several parties recently." Last year, "he came close to selling" a 48% stake in the club to a Thai investor, Bee Taechaubol (AP, 5/10). REUTERS' Elvira Pollina wrote the media mogul "is under pressure to sell AC Milan." One of the top clubs in world football, "it has failed to win any major silverware in the past five years and is now in the red." In a video-message published on his Facebook page on Friday, Berlusconi said that he had invested more than €1B ($1.1B) in the club during his time in charge, including €152M ($172M) this past season, "during which the club performed badly" (REUTERS, 5/10).
NO PLACE LIKE HOME: VARIETY's Nick Vivarelli wrote U.S.-based Galatioto Sports Partners "is brokering the negotiations with a consortium believed to include China’s Evergrande Group, whose core business is real estate, and, indirectly, Chinese e-commerce giant Alibaba Group, headed by Jack Ma." The makeup of the consortium "was not revealed in the official announcement made after a Fininvest board meeting." Beppe Severgnini, author of "Mamma Mia! Berlusconi’s Italy Explained for Posterity and Friends Abroad," said, "Milan’s long winning streak can perhaps be considered the biggest success in Berlusconi’s life. It’s like selling the home in which you’ve lived your happiest moments." But "those glory days are gone." Though Berlusconi is a billionaire, "his shoulders are not broad enough to pump the kind of cash into Milan that Chinese conglomerates or companies fueled by Arab oil money" have at their disposal (VARIETY, 5/10).
