Chinese group buys AC Milan
The Chinese long march into European football continues with the acqusition of AC Milan from Silvio Berlusconi by a state-backed Chinese group. Finnvest, the holding company controlled by Mr Berlusconi, has stated that it has signed a preliminary contract with a group of Chinese investors for a 99.93 per cent stake in AC Milan that valued the club at €740m including debts of €220m.
The management group that has acquired the club is called Sino-Europe Sports Investment Managemeht Changxing Co. which includes investors such as Haixia Capital, the State Development & Investment Corporation and Yonghong Li.
In June, Chinese retail group Suning Holdings paid €70m for a stake in Inter Milan. The Chinese century in football is truly on its way.