Silvio Berlusconi and Adriano Galliani will be staying in charge for at least one more month as Sino-Europe Sports have once again failed in completing the necessary work in time for the closing date, and so it gets postponed again.
Friday, March 3rd 2017, was marked in the calendars of Milan fans around the world as it was supposed to be the date the Chinese Sino-Europe group finally completes the acquisition of Milan from Silvio Berlusconi’s company Fininvest.
Everything seemed to be going fine heading into Friday but yesterday, everything changed – and not for the first time. According to reports from Sky Italia, Premium Sport, La Gazzetta dello Sport, il Corriere dello Sport, il Corriere della Sera, La Repubblica and many others, everything is postponed, again.
The reason for that, it seems, is the fact that two investors out of a consortium of presumably 7 parties, decided to back out of the deal, leaving Sino-Europe Sports short in funds and unable to complete the purchase. La Gazzetta writes that without these two investors, the group is missing well over €100 million and will now have to find different solutions to retrieve the money.
The pink newspaper’s Luca Bianchin suggest three hypotheses: the first one, and the most likely one, is that SES will make a new deposit by next Friday, March 10th, of €100 million, with the new closing date set to March 31st. An alternative is a ‘reduced closing’ which was apparently suggested by SES and rejected by Fininvest; in that case, the Chinese would pay a partial sum that is at their disposal and complete the rest in March or a later date but this seems to be an unlikely option.
A third option exists too, at least theoretically, and it’s that Berlusconi will simply collect the €200 million he’s received so far, will politely wave goodbye to the Chinese and stay as the owner of the Rossoneri. Gazzetta underlines, however, that it’s very unlikely that Milan will go down this road.
The strangest, probably longest, takeover in the history of sports continues. No one knows how it will end and the only certainly, it seems, is more delays and problems.