A group of Chinese investors have reportedly agreed to take an initial stake of 70% of Serie A side AC Milan, with "discussions continuing" on the sale of the remaining 30%, according to Wang Mingjie of CHINA DAILY. Milan Owner Silvio Berlusconi will "remain president for the next two or three years until the additional 30 percent is acquired by the Chinese." A source said that "that part of the deal is still under discussion." The source said, "A possible clause, for the remaining 30 percent to be bought by the Chinese consortium is still under discussion. The ultimate decision will be made by Berlusconi." The Italian side have asked the Chinese consortium to reveal "exactly who will be buying and how many of them are there." The Italians are "also seeking a list of consortium members and the percentage that each member intends to buy" (CHINA DAILY, 5/27). ESPN's Ben Gladwell reported Berlusconi has "confirmed he is looking to sell" the club. Chinese investors "have secured a period of exclusivity to negotiate a deal with Berlusconi." Berlusconi said, "I think after 30 years, the time has come for me to hand Milan over. But I want to leave Milan to someone who I know will be able to make them protagonists in Italy and in the world again, and who is committed to investing money in this team each year." While negotiations are underway, "the Rossoneri's transfer activities appear to have been put on ice, as has the search for a new coach, or confirmation that Christian Brocchi will keep his job next season" (ESPN, 5/27).
