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| Version 1 | Version 2 |
|---|---|
| Berlusconi: AC Milan sold to Chinese consortium | Berlusconi: AC Milan sold to Chinese consortium |
| (about 3 hours later) | |
| Former Italian Prime Minister Silvio Berlusconi says he has sold football club AC Milan to a Chinese consortium. | |
| Berlusconi, who owns the Serie A team, made the remarks to local newspapers on Tuesday. | Berlusconi, who owns the Serie A team, made the remarks to local newspapers on Tuesday. |
| He said they will be paying at least €400m (£220m) over the next two years, which may value the club at up to €750m including debt. | He said they will be paying at least €400m (£220m) over the next two years, which may value the club at up to €750m including debt. |
| "Milan has now embarked on this path towards China," he said without disclosing the identity of the buyers. | "Milan has now embarked on this path towards China," he said without disclosing the identity of the buyers. |
| However other media outlets, citing their own sources, said the terms of the deal are still being finalised. | However other media outlets, citing their own sources, said the terms of the deal are still being finalised. |
| Berlusconi, 79, has served as prime minister four times but was convicted of tax fraud and bribery. | Berlusconi, 79, has served as prime minister four times but was convicted of tax fraud and bribery. |
| His family holding company Fininvest reportedly entered into exclusive talks with the Chinese investor group in May. | His family holding company Fininvest reportedly entered into exclusive talks with the Chinese investor group in May. |
| The consortium is looking to buy 80% of the club immediately before eventually taking over the remainder. | The consortium is looking to buy 80% of the club immediately before eventually taking over the remainder. |
| The deal could even result in the club being listed in China, according to Reuters news agency. | |
| Asian investors | Asian investors |
| AC Milan is one of Europe's most successful clubs but is seeking new capital to enable it to better compete against other well-funded rivals. | AC Milan is one of Europe's most successful clubs but is seeking new capital to enable it to better compete against other well-funded rivals. |
| It posted a loss of €93.5m ($104m) last year. | It posted a loss of €93.5m ($104m) last year. |
| Berlusconi came close to selling a majority stake in AC Milan to a Thai businessman last year but changed his mind. | Berlusconi came close to selling a majority stake in AC Milan to a Thai businessman last year but changed his mind. |
| Many European teams are now owned or bankrolled by wealthy Asian or Middle Eastern investors or companies. | Many European teams are now owned or bankrolled by wealthy Asian or Middle Eastern investors or companies. |
| Local rival Inter Milan was sold to Chinese electronics retailer Suning Commerce Group last month. | Local rival Inter Milan was sold to Chinese electronics retailer Suning Commerce Group last month. |
| And last month Chinese businessman Dr Tony Xia completed his £76m takeover of Championship club Aston Villa. | And last month Chinese businessman Dr Tony Xia completed his £76m takeover of Championship club Aston Villa. |
| Football is a popular sport in China and the government has pledged to develop its local industry to become a world "superpower." | Football is a popular sport in China and the government has pledged to develop its local industry to become a world "superpower." |