Closing of AC Milan sale to Chinese group slated for Dec. 13

ABS-CBN Sports on Nov 18, 2016 10:16 AM
Closing of AC Milan sale to Chinese group slated for Dec. 13
In this photo taken on Nov. 6, 2016, from left: Inter Milan CEO Liu Jun, Inter Milan Board of Directors members Ren Jun, Zhang Steven and Yang Yang attend a Serie A soccer match between Inter Milan and Crotone at the San Siro stadium in Milan, Italy. Next Sunday's will likely be Silvio Berlusconi's final derby as AC Milan owner. And the first for Inter's new Chinese proprietors.(AP Photo/Antonio Calanni)

MILAN (AP) — The long-awaited sale of AC Milan to Chinese investors could be completed next month.

Sino-Europe Sports announced on Thursday that the closing of the deal is slated for Dec. 13, when Milan will hold a shareholders' meeting.

The deal with the Chinese group, which includes the participation of a Chinese state investment fund, values the club at 740 million euros (around $800 million), and requires the investors to spend 350 million euros over three years on improvements.

Silvio Berlusconi owns 99.93 percent of the club, which he purchased 30 years ago. The three-time former premier and billionaire businessman has been negotiating for more than a year to sell the Serie A club.

Coming three days before the Milan derby, the announcement appears intended to assure Milan supporters over the club's future.

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