AC Milan sold to Chinese group

David Han Li arrives at a notary's office for the transfer of ownership of AC Milan from Silvio Berlusconi's Fininvest to China's Li Yonghong in Milan.

Italian former prime minister Silvio Berlusconi finalised his troubled sale of soccer club AC Milan to a Chinese-led consortium on Thursday, a 740 million euro ($788 million) deal that tightens China's grip on the game in Italy.
The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group's purchase of rival Internazionale FC last year. A Chinese firm also underwrites the media rights to the top league, Serie A.
In a joint statement, Berlusconi's holding Fininvest said it had sold its entire 99.93 percent stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, a company controlled by investor Yonghong Li which replaced the original Chinese bid vehicle.
The 740-million euro price tag includes 220 million euros in debt. The buyers, who paid a final tranche of 370 million euros on Thursday, committed to a significant recapitalisation and financial strengthening of the club, the statement said.
Berlusconi, 80, is selling after three decades in control of the former European champions because he was unwilling to stump up the extra money required for the team to compete with the continent's top clubs, many now bankrolled by wealthy Gulf and Asian owners.
He had agreed the deal to sell AC Milan last August, but the transaction ran into trouble and took longer than expected to complete as Beijing cracked down on non-strategic foreign acquisitions, especially vanity deals in the sports industry.
U.S. private equity fund Elliott came to the deal's rescue at the 11th hour last month, agreeing to lend money to Rossoneri Sport Investment.