Milan sold! A Chinese consortium to buy 99.93% of the club for €740m, the preliminary has been officially signed, the closing by the end of 2016

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AC Milan's president Silvio Berlusconi waves before the winner ceremony of the XVII Luigi Berlusconi trophy at San Siro Stadium, 17 AUGUST 2007. AFP PHOTO / GIUSEPPE CACACE (Photo credit should read GIUSEPPE CACACE/AFP/Getty Images)
GIUSEPPE CACACE/AFP/Getty Images

In a major turn of events, Milan has been sold to a ‘new’ Chinese consortium. The preliminary has been signed with the new group. It’s the end of an era.

After over a year of drama, negotiations and delays it has finally happened – but not without one final twist.

It has been officially confirmed today that Silvio Berlusconi has signed the preliminary agreement with a group of Chinese businesspersons but – as it turns out – it’s not the group represented by Salvatore Galatioto and Nicholas Gancikoff. Instead it’s a different consortium made up of people who were originally in the Galatioto group but departed from it to make their own bid to take over Milan. A bid which has been accepted by Berlusconi, who is set to leave Milan after 30 years.

Fininvest, Milan’s holding company, released a statement confirming everything, also revealing he names of the Chinese investors along with some other very important details regarding the deal:

Mr. Silvio Berlusconi, Chairman of AC Milan, has approved the preliminary contract signed by Mr. Danilo Pellegrino, C.E.O. of Fininvest, and Mr. Han Li, representative of a group of Chinese investors, concerning the purchase of the entire stake owned by Fininvest in AC Milan equal to 99.93%.

“The investors operate through the management company Sino-Europe Sports Investment Management Changxing Co. Ltd. It consists, among others of, Haixia Capital, the State Development & Investment Corporation (“SDIC”), and Yonghong Li, Chairman of the management company and main sponsor of the investor group and with whom Fininvest has been negotiating for some time until today’s signing (“signing”). Alongside Haixia Capital and Yonghong Li, other investors will acquire shares of AC Milan, some of which are State-controlled entities. Among those investors are companies active in the financial industry and others in industrial sectors.

Photo by Marco Luzzani/Getty Images
Photo by Marco Luzzani/Getty Images

The binding contract between the parties will be completed by the end of 2016 (“closing”), subject to the obtaining of applicable authorizations from the Italian and Chinese authorities. The agreement values AC Milan at €740 million with an estimated indebtedness of approx. €220 million. The agreement requires the acquirers to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure, for a total amount of €350 million over a three-year period (€100 million is to be paid – in at the “closing”). The agreement also requires the acquirers to make a €100 million deposit, confirming the commitments assumed, of which €15 million is payable upon signing and €85 million within 35 days of signing.

“During the entire negotiation process, the signature of the contract and the undertakings assumed thereby, Fininvest has always had as a priority the objective which was clearly stated by Mr. Berlusconi: to provide AC Milan, through an appropriate ownership structure, with greater financial resources now more essential for competing with the top football clubs of the world.

@acmilan.com
@acmilan.com

“In connection with the transaction, the Chinese investors have been assisted by Rothschild & Co. as financial advisor and Gianni, Origoni, Grippo, Cappelli & Partners as legal advisor, whereas Fininvest has been assisted by Lazard and BNP Paribas as financial advisor and Chiomenti as legal advisor.”

Silvio Berlusconi has been the owner of Milan since 1986, taking them from near bankruptcy to the absolute top of the world. Admitting that he can no longer take care of Milan, he is – finally – selling.


Note: Unfortunately we suffered from a minor technical issue and lost the comments from 04/08/2016-05/08/2016. Our sincere apologies for the inconvenience.

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Jatinder Dev

End of An Era – We were the most successful then , We will regain our Success in the coming years.
Past 7 years have been tough, something had to change.
Thank you Silvio for everything in Milan !

asd123

Can’t believe this actually happened.

Thank you Berlusconi for the years. FORZA MILAN

ted

Now let Galliani waste these 15 millions on Pavoletti, sell Bacca for 30 millions and waste them on washed up Sosa and injury prone Musacchio!

Ricardo Leite

Let Galliani do what he likes. It’s likely going to be his last opportunity. He was part of some good yrs despite our so many present difficulties, so it’s up to him to leave us with a good memry of him or mess things up further so we always remmber him like we view him presently

Fassone’s era …downloading…

Sheva

Im so scared that this 99.93 % means that galliani still in in controll.

I only want galliani out, nothing more.

If i stood between 400 million for market or galliani sack. I would choose galliani sack anyday.

A real sporting director would sign better players with 10 million that galliani would with 400 million. He would spent 100 million only on andy caroll

ZeR0W1

There are minority shareholders at Milan, who hold 0.07% of the club. All good 😉

ak

Why do you hate Galliani so much? Sure he was bad last summer but he did get Romagnoli, Bacca and Kucka, who have all done well. Historically he has always done well and gotten us good deal on players. The thing with Galliani is i just don’t think he should be responsible for choosing WHO we sign. That is something Braida had done so successfully in the past, Galliani’s role was to close the deal. Braida eventually started getting less involved with Milan for a while, and then eventually left. That is why we are not making as many successful… Read more »

SuMa

Like Getting Bertolacci for 20 Mil?

Milanista121

That is very true. Spot on with everything. Hopefully one of Maldini, Albertini or Costacurta will return. I like them all. But of course maldini seems more deserving.

C

I agree with Sheva Galliani needs to go now before he waste the money on Sosa

ronaldidink

Thanks for the beautiful and the glorious years, Mr. BERLUSCONI… you’re the greatest president of all the world.. God Bless you…

successsor

Think the 7% makes Berlusconi Honorably president

azad

0.07%

patoshow

0% Berlusconi.. 0.07% minority shareholders

BlackMan@Gh

YES!IS ONLY 0.07 PERCENT LEFT 4 JOY!

xiangfu

after the acquisition the next thing is 50,000 capacity stadium

RKaY

Is that just your opinion or did you read that somewhere

Pelo Pelo

Finaly Some good news i hope the Chinees Will keep theire words and buy new players now . Thank you for the 30 years mr. B

Mathijs Savicevic

Galliani probably to Genoa. If that would happen. Then it will be Milans best transfer of the year.

Then Isco is coming. Mustafi and Yarmolenko unsure.

Silver

When I read the Galliani to Genoa news I actually started laughing but yeah, that would be great for us!

Mathijs Savicevic

That relation between Galliani and Genoa stinks. There is more behind. Can not believe we paid so much money to Genoa in the last couple of years. We really overpaid them. Thanks to Galliani.

I hope they get rid off Poli, Honda, Matri, Luiz Adriano and Niang. Even Bacca may be sold for me because he is not a teamplayer. These smugs bring at least 60 million to our bank account. Isco, Mustafi and Badelj are just a formal question then

ted

Some reports say Chinese investors are looking to bring back Milan “bandieras”, candidates are believed to be Maldini, Costacurta and Albertini.

Also Montella wants Badelj and Cuadrado at Milan, with Paredes or Sosa as plan B.

Milan can only sign one non EU player as Gomez occupied one spot. It is believed Montella wants Cuadrado over Sosa for that matter.

Also Matri is close to Sassuolo now that they sold Sansone to Villareal.

RossoKaka

I read that if we sell bacca we should be able to get Isco.. also Badelj and Cuadrado

Spartan

Gabigol. Gabriel Jesus. Cuadrado badelj… Mustafi / tah… We can do something not now we need players

Spartan

Isco well that would be something if all those arrive wow just wow

Spartan

Sell bacca Honda poli n Start spending cause everyone has been waiting for this to go thru already don’t blow this now Milan. U have a chance to start this transfer window n put the seria a rivals in the dust n even challenge juventus with a solid base of players n a style of football with montella let’s get it done Milan go for the win

Law

I’m all for selling ronda and Poli, but might as well throw in Montilivio and Bonaventura. With those 2 gone we will free up wages and get some income back. With that we can use it on players like Witsel who I would love to come and possibly and still dreaming for this day Thiago Silva to come back. Buying him would make our attendance rise up again and also bring back a leader in the backline that we have missed for many years since he left with Ibra years ago.

C

Zlatan scored on his Man Utd debut winning them the tropthy what a beast he is

Milan Boy

1 Since we have only one non EU spot.if we sell Bacca will it increase to two? 2 I wonder why no one seems interested in Honda now,we need to sell him to fund better deals and creaemore non EU spots 3 If we sing Badelj, Mustafi and Isco it will be a pleasant surprise for us. 4 Now that our ex players are becoming coaches like Inzaghi, Brocchi, Oddo etc, we can use them as a project that will be beneficial to all by loaning our young players like Ely, Mauri, Locateli, Verghara, Zanaletto etc to gain ample game… Read more »

patoshow

You can have as much non eu player you want but you con only 2 non EU passport signing per transfer season .. selling non eu wont freed up the quota..

C

I hope we get Badelj especially for 10 million as rumoured that would be an absolute steal and would help Milan midfield very much

Spartan

What about lacazette with niang up front n cuadrado on the right I think that would combine well to french internatioanals I see a good partnership young n physical

Phildadon1899

Back on lacezette are we? The same one who couldn’t start for the French national team over Giroud? Yeah. No thanks

ted

Looks like our prime targets after selling Bacca, are Cuadrado and Badelj with hopefully another strong CB

xtfui

I’m not sure who delayed preliminary agreement, but the fact is that we can’t spend chinese money this summer and now Bacca is delaying his transfer to get the best option and meanwhile we might sell De Sciglio in order to sign someone, so why do some fans still want Bacca to stay?

Raven

For now, I don’t care about new players, I need milan legends back, bring Milan identity and glory where it deserves, I dont think maldini is avaiable, but an offer must be done! Im afraid the chinesse just see milan as a bussiness and not as a football team, milan need champions league final, serie a titles, It will be better that the current situation, but i dont want us stuck like napoli, like valencia, Milan need world class players, but milans need only the best striker or the best midfielder, that’s what milan need, donnarumma is the best at… Read more »

Spartan

Im over this bacca saga for real. Just go seriously it’s worse than this pogba thing just for less cash lolz if u wanna go go I’m done just get this cash so we can get a freaking midfielder that can control the game n pass a freaking ball past the half way line instead of going sideways n backwards hahaha I can’t take it anymore

Stefan

Galliani is out on 12th September.

azad

yeah i read the same news on football-italia!

L96ai

Football italia is banned in my country.. wtf??!!

Mathijs Savicevic

Yes, finally. Anybody knows who his replacement will be?

RKaY

Marco fassone rumored

yourBoss

Former Fiorentina director Daniele Prade is reported to be joining. Could be his replacement.

Phildadon1899

I’m hearing the ex inter cep. Fassone

BleedRedAndBlack

Fassone is as poor as Galliani when it comes to choosing his signings. But he was the one who hatched the Juventus stadium plan and did great work for marketing Juve, Napoli and Inter brand. And I guess, it was he who took in Zanetti into Inter management. I guess he was appointed to boost the milan brand and get the stadium done. I also believe he will bring in some former players just like he did with zanetti. But I want him to appoint a competent SD. I guess Sabatini is free next summer. I guess Prade is free… Read more »

Spartan

Phil… What’s ur deal with lacazette man. U got something against him. He didn’t play for France does that make him a crap player. Hmmm. So many didn’t get called up for national teams do u think there all bad. Idk niang. Nasri umm Donna our goal keeper just to name a few. I like lacazette yes n u know what he’s a better striker than bacca all day long say what u will he’s better than all the strikers in serie a higuain excluded so have at it bro

Mojdanis

I agree that Lacazette is a great striker, but you have to understand that we will not buy any strikers this season even if we sell Bacca. Idea is 1 or 2 midfielders 1 winger and 1 more CB

Hasowayne

Hope this brings SANITY back to my most beloved MILAN…!!! The CIRCUS ran for too long and got me bored than ever…!!! Couldn’t wait for this news…!!!

Spartan

100m plus bacca 30m. Lacazette 30m. Cuadrado 30m. Badelj 15m. Musachio /tah/mustaffi 25m. U have plenty cash left for another mid that’s what I suggest

Mojdanis

Isco 50-60m? cmon man