Chinese group likely to seal AC Milan takeover deal by June
BEIJING. KAZINFORM - A Chinese investor group pursuing a takeover of the AC Milan soccer club, which is controlledby former Italian prime minister Silvio Berlusconi, is targeting a deal by June, people withknowledge of the matter said.
The consortium, whose investors have a background in renewable energy and media, hasagreed on most key terms and is seeking a deal in time for the summer transfer season, thepeople said, asking not to be identified because the talks are confidential, China Daily reports.
Berlusconi's Fininvest and the Chinese group have already discussed plans to strengthen thesquad, and the initial investment would be used to make the team more competitive ratherthan pay down debt, one of the people said.
Berlusconi, who has owned Milan for 30 years, is seeking a buyer at a low point in the club'shistory. Once considered soccer royalty, the team is languishing in sixth place in the Italianleague and fired its manager on Tuesday.
A deal would also mark the second major Chinese investment in a European soccer club inless than six months, after the group led by China Media Capital Holdings bought a $400million stake in Manchester City Football Club's owner.
The Chinese consortium is targeting at least a 50 percent stake, which could rise to about 70percent, one of the people said.