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Sweet and sour Chinese consortium buys AC Milan


Sweet and sour Chinese consortium buys AC Milan

One of the world’s most celebrated football clubs AC Milan has been bought by Chinese investors Rossoneri Sport Investment Lux.

The group paid €740m for AC Milan owned by former Italian Prime Minister Silvio Berlusconi since 1986.

Under Berlusconi the club won eight Serie A titles and five European Cups.

The buyout marks the biggest far-east investment in a European football club.

Berlusconi’s family holding Fininvest held a 99.93 percent stake and have sold the lot.

The move follows retail giant Suning Commerce Group’s purchase of arch-rivals Inter Milan last year.

Chinese investors are gaining an ever tighter grip on Italian football with the media rights for Serie A underwritten by a Far Eastern concern.

Berlusconi said one of the conditions of the sale is the new owners inject €400m into the club.

Fans of the Rossoneri can only hope.