AC Milan is "set to be the latest top-tier European football team to move into Chinese ownership after long-time owner Silvio Berlusconi said he had sold the club," according to Ahmed & Fontanella-Khan of the FINANCIAL TIMES. The former Italian PM and media magnate said on Tuesday that "he had sold one of Europe’s most successful football clubs, after receiving assurances from the buyers that they would invest significantly to return the club to former glories." Though he did not disclose the identity of those behind the purchase, Berlusconi said, “Milan has now embarked on this path toward China. I accepted what was offered to me, that does not even take into account the value of the brand. But I demanded the commitment of the new owners, who are a group of leading Chinese companies, some also state-owned, to pay at least €400M ($443M) over the next two years.” The sale of AC Milan "marks the end of an era for many Italians." Berlusconi’s exit comes as the political fortunes of his Forza Italia party "have been eclipsed by the rise of Matteo Renzi’s ruling centre-left Democratic party and populist groups such as the Five Star Movement and the Northern League" (FT, 7/5).
LONG OVERDUE: The London GUARDIAN reported Berlusconi has "been negotiating for more than a year with various interested parties." He said, "I had a period of 26 years which then became 30. My concern is that during the last four years, I have not managed to do things as I did in the past." Milan, which reported a loss of €93.5M last year, appointed Vincenzo Montella as its new coach last week. The club finished seventh in the league last season and "will miss out on Europe for a third successive campaign." China's sixth-richest man and Internet search engine Baidu Founder Robin Li is "believed to be leading the consortium, which will purchase a 70% share in the club" (GUARDIAN, 7/5).
