Chinese Buyers Ask Berlusconi For More Time To Finalize AC Milan Takeover

People familiar with the situation said that Silvio Berlusconi is "considering accepting" a third, non-refundable €100M ($105M) deposit to give the Chinese investor group seeking to buy AC Milan "more time to complete the deal," according to Panja, Lepido & Ebhardt of BLOOMBERG. Sino-Europe Sports' preliminary agreement to purchase AC Milan for €740M ($780M) was "supposed to be concluded in December, but Berlusconi extended the deadline to March 3." Berlusconi "will benefit from the new delay in closing the transaction." Even if the deal "collapses," the former Italian PM would get €300M ($316M) and retain control of his "beloved" football team. The transfer is being held up "partly because the Chinese embassy in Rome disapproved of the warm welcome to Milan for the Dalai Lama in October," according to sources. Berlusconi's holding company, Fininvest, is "considering granting the new delay until the end of March," sources said (BLOOMBERG, 3/1).