Chinese investors will buy a football club “Milan”

A consortium of investors from China is in the final stages of talks to buy stake in Italian football club “Milan” company Fininvest SpA, former Prime Minister Silvio Berlusconi, reported the Agency Bloomberg referring to the sources, who asked to remain anonymous. According to sources, potential buyers agreed with most of the key terms of the seller and expect to conclude a deal by June to be ready for the opening of the summer transfer window.

Chinese investors and Fininvest SpA are already discussing plans to strengthen the club, the proceeds from the transaction will be used to improve the competitiveness of the team, not to repay debts, said one of the interlocutors of the Agency. Currently Chinese investors are studying the balance of the football club and the player contracts, said another source.

Potential buyers intend to purchase not less than 50%, “Milan”, but the proportion may rise to 70%, said one of the sources. Possible amount of the transaction, Bloomberg said.

Who are the consortium, sources Bloomberg did not specify, noting only that the investors have experience in the field of renewable energy and media. One of the sources noted that the consortium was negotiating the acquisition of a stake in Milan from Fininvest before Thai businessman Bee Taechaubol. According to another source, Taechaubol is still interested in the club.

Fininvest, the representative could not promptly comment on this information. Representatives of Bi Taechaubol and Citic Group declined to comment.

Silvio Berlusconi owns AC Milan since 1986. Since 2014 he is looking for an investor for the club. In may 2015 Gazzetta dello Sport citing a source reported that a controlling stake of “Milan” will be sold to a businessman from Thailand Bi Taechaubol for €500 million Soon Bi Taechaubol confirmed that have reached a principal agreement on share purchase in AC Milan. In February 2016 newspaper La Repubblica reported that the deal fell through Taechaubol, and Silvio Berlusconi is considering a proposal from investors from China.

In 2015, the American Forbes has estimated the cost of “Milan” in $775 million, putting it at 10th place in the list of most expensive football clubs in the world. By the end of 2014 “Milan” has reported a net loss of €91,3 million — the highest total ever in the history of the club. Statements for the 2015 club is not yet released.