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Berlusconi’s AC Milan Era Ends With Sale to Chinese Group

  • Soccer club is sold for 740 million euros, including debt
  • Both Milan soccer teams now owned by Chinese investors
Silvio Berlusconi.

Silvio Berlusconi.

Photographer: Pacific Press/LightRocket via Getty Images
Updated on

Silvio Berlusconi’s era at the helm of AC Milan is over after 30 years.

The Berlusconi family’s investment vehicle Fininvest SpA signed a preliminary contract to sell 99.9 percent of the soccer club to a group of Chinese investors operating through a management company led by the state-owned Development & Investment Corp. for 740 million euros ($826 million), including about 220 million euros of debt, the company said in a statement. The binding contract is expected to be completed by the end of 2016.