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Chinese group buys AC Milan

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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.