Sports

April 13, 2017

AC Milan sold to Chinese-backed consortium

AC Milan sold to Chinese-backed consortium

Sampdoria’s midfielder from Uruguay Lucas Torreira (R) fights for the ball with AC Milan’s midfielder from Slovenia Juraj Kucka during the Italian Serie A football match AC Milan vs Sampdoria at “San Siro” Stadium in Milan on February 5, 2017. / AFP PHOTO

Serie A giants AC Milan were sold to Rossoneri Sport Investment Lux on Thursday in a deal which sees the Chinese-led consortium take a 99.9% stake in the club.

The seven-time European champions who are Italy’s most succcessful club in international competition, have been owned by former three-time Italy prime minister Silvio Berlusconi since 1986.

A joint statement by AC Milan’s holding company Fininvest and Rossoneri Sport Investment Lux said: “Today Fininvest has completed the sale of the entire stake owned in AC Milan – equal to 99.93% – to Rossoneri Sport Investment Lux.”