Italy: AC Milan become Chinese, acquired for €740m by Rossoneri Sport Investment Lux of Yonghong Li

"Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux. The closing is the last step of the purchase agreement signed on 05/082016 and renewed on 24/03/2017 by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux," announced the two entities on 13/04/2017.

The company Rossoneri Sport Investment Lux, created specially for the acquisition of AC Milan, is based in Luxembourg, and comprised of primarily Chinese investors. Fininvest is the holding company owned by the Berlusconi family. Silvio Berlusconi, the owner and honorary president of AC Milan, has led the Milanese club since February 1986.

"The terms of the agreement are the same disclosed in August 2016, and reflect of an aggregate evaluation of AC Milan equal to €740m, which includes the club’s indebtedness, equal to €220m as of 30/06/2016. A €90m refund for AC Milan's running costs anticipated by Fininvest from 01/07/2016 hitherto add up to the evaluation," added the joint statement in the press release on…