AC Milan President Silvio Berlusconi Reportedly Agrees To Sell 80% Of Club

AC Milan President Silvio Berlusconi has reportedly agreed to a deal to sell 80% of the club to a Chinese group, according to FOOTBALL ITALIA. A conglomerate from the Far East "has been in negotiations to purchase the Rossoneri in recent months," with the deal delayed by Berlusconi’s heart surgery. La Repubblica is reporting that a deal has been reached, with the new owners to take over 80% of the club for a fee of around €750M ($832M), including €240M ($266M) of debt. The newspaper reported 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 club president for the next three years, with the Chinese having the option to buy out his 20% share after that period (FOOTBALL ITALIA, 6/28).