Reports: The ‘closing’ gets postponed (again!), two investors pull out, €100 million more to be paid by next Friday

107
AC Milan supporters deploy a giant flag at the end of the Italian Serie A football match AC Milan Vs Inter Milan on November 20, 2016 at the 'San Siro Stadium' in Milan. / AFP / GIUSEPPE CACACE (Photo credit should read GIUSEPPE CACACE/AFP/Getty Images)
Milan fans deploy a giant flag in honor of Berlusconi before Milan-Inter at San Siro on the 20th of November 2016 (MARCO BERTORELLO/AFP/Getty Images)

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.

107 COMMENTS

  1. the chinese have bought oscar, hulk, tevez, martinez, lippi, scollari, and many more. So why they buy Milan when they can build a team like Milan on their own. Am i making sense? Berlusconi should makes a new aggreement if he wants to clear this up. If not then i’m affraid Milan will become cheaper in value as we can’t win title without reinforcement. Chinese is so good in trading, is in their blood, just like deutch is good making cars and Italian is good making pizzas and pastas.

  2. If the Chinese can’t get their act together to actually fund the purchase of the club, how can they possibly be entrusted to run and fund it in the future. Berlusconi should pull the deal, the club can’t possibly be allowed to fall under the control of these people. Remember what happened to Parma. That should serve as a warning.

  3. He’s not selling it and to begin with no real Chinese group whatsoever ever exists after Mr Bee. This was one of the ways he fooled and puzzled us with beautiful blue lies like planning a new stadium, balancing the books ,young Italian Milan etc. No person has ever deceived a whole group of millions of people like Silvio Berlusconi he shall amuse us till doomsday.

  4. Dejan10 lol.
    At this point it’s best for the Chinese buyers to take a hike. If you can’t afford to buy the club how can you afford to purchase players and build a stadium.

    • The Chinese do not want to buy the club. Wake tf up.

      It’s good old Berlusconi laundry shop again.

LEAVE A REPLY

Please enter your comment!
Please enter your name here