China snaps up Milan

BERLUSCONI ANNOUNCES "SALE OF 75% HAS BEEN AGREED ON"

AC Milan's present owner, Silvio Berlusconi, has confirmed that he is on the point of selling 75% of his shares in the club to a group of Chinese investors. The deal is said to be worth over €1,000 million ($1,080 million).

According to Berlusconi, "the sale of 75% of Milan to the Chinese has been agreed on".

Talks with an important group of Chinese investors will continue, with pen being put to paper in just a few months. The deal would also include the continuance of Berlusconi's daughter, Barbara, in her position as a club director.

Back in February rumours started about a Thai businessman, Ben Taechaubol being in negotiations to buy a majority share of the Italian club.

Milan is a classic in world football. The winner of seven European Cup/Champions Leagues, the Italian club has not picked up any new silverware since 2011 and presently sits in 8th place in Italy's Serie A.