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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
Daniele Lepido and Tommaso Ebhardt
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.