Sale Of Serie A Side AC Milan To Be Completed In December, Sources Say

The deal to sell Serie A side AC Milan to a consortium of Chinese investors will reportedly "be completed at the beginning of December or even earlier," according to Cristoferi & Pollina of REUTERS. In August, club President Silvio Berlusconi signed a preliminary agreement valuing the club at €740M ($822.4M), including €220M ($244.5M) of debt. The deadline for completing the deal "had been originally set for the end of this year." A source said that the deadline was now Dec. 3 "but added the deal could be wrapped up as early as Nov. 23." A second source said that "completion would be the end of this month or the start of December." A selection process of the Chinese investors interested in buying into Sino-Europe Sports Investment Management Changxing, the vehicle that will buy AC Milan, "is under way, one of the sources said." Besides Haixia Capital and Yonghong Li, chair of the vehicle, there will be two or three other investors, the source added (REUTERS, 11/4).