The second installment of the down payment has been made by the Chinese group today as the closing of the deal is getting closer and closer.
Milan signed the preliminary agreement with the Chinese investors last month and today the first payment was completed.
€15 million were transferred on the day of the signing and €85 million were officially delivered to the coffers of Fininvest today, removing possible doubts & uncertainties about the capabilities of the new owners.
“Fininvest is pleased to confirm the payment made by Sino-Europe Sports Investment Management Changxing Co. Ltd of the second installment defined in the preliminary agreement to sell AC Milan, signed on August 5 this year,” an official statement made by Silvio Berlusconi’s company reads.
“As agreed by the set deadlines, the payment of €15m was immediate from the moment of the first signature, and today the Chinese investors have paid Fininvest the remaining €85m. This is an important step forward in closing the transaction by the end of the year.”
As confirmed during the preliminary, the agreement between the Chinese group – Sino-Europe – and Fininvest, values Milan at €740 million with an estimated indebtedness of approx. €220 million. The closing could be the 5th of November 2016 which would be the official end of Berlusconi.
From the preliminary: “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.”
It has already been announced that Marco Fassone will replace Adriano Galliani & Barbara Berlusconi as the CEO of Milan and he’s expected to present to the Chinese an organizational chart unveiling the new faces of the Milan leadership by the end of the money. Some familiar faces could be there as former players like Paolo Maldini, Demetrio Albertini and Billy Costacurta are linked with returns.
It’s a big day for Milan and the future of the Rossoneri which will certainly be Chinese. The fans will hope to see first positive signs of investments already in the January transfer market.