Fininvest confirm the €85m deposit made by Sino-Europe: “This is an important step towards the closing”

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A general view of the Casa Milan during the inauguration of AC Milan's new purpose-built headquarters, Casa Milan on May 19, 2014 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)
Photo by Marco Luzzani/Getty Images

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.”

ALBERTO LINGRIA/AFP/Getty Images)
ALBERTO LINGRIA/AFP/Getty Images)

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.

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Dwayne Kanas

CHACHING CHACHING! i smell mulla! once again, money flows in the veins of Milan!

ROZNRI

Chinese mulla? Are you smoking crack?

Dwayne Kanas

it’s what’s providing Milan with cash right now…would you rather we keep on going broke under Berlusconi?

Puang_Machink

Lil too late,and make us couldnt make a big signing. Overall, its better than nothing….
Grazie Sino Europe….

Munir

Comment:Milan are back so am really happy

Dobson

nice 1

Hachim

awesome! Officially the start of a new chapter in Milans history.

Jibola

I’m very happy today because this payment is a statement of intent to buy Milan.

Where is Suraco? Lol

hydar

I don’t get it. Please someone should enlighten me. Milan was sold for 740mil including debts, what berlusconi will get is 540mil. Am I right? Is it that the Chinese have paid the 740mil, or the 85mil they’re paying now is part of it (740mil)? And the 350mil investment in 2 years, is it from the 740mil or another cash entirely? Somebody please respond.

MilanFan

As I understand it, Fininvest will be getting €520m for their stake at Milan. The 85m is part of the €740m and is not related any in way to mercato money.

Berlusconi claimed before that he got them to invest (in addition to the €740) €350m over 2-3 years. Doesn’t mean that it will all be spent on new players, but let’s see what happens.

rossoneriboi

@hydar… the $85m paid today represents the conditional amount requested by Berlusconi as guarantee that the new owners will invest at least $100m each year for the next 3years to bring back the team to greatness again. When the final documents are signed in November i guess then the $740m which represents the sale will be paid.

hydar

Yeah. Got it. Thanks

Waffboyq

The Deal is worth 740mil – 220Mil will go towards clearing Milans Debt. 100Mil Deposit upon signing was paid yesterday Berlusconi Also said 350Mil will be used for Transfers for the next 3years guaranteeing money for Milan but what doesn’t add up is 70mil that isn’t mentioned so I’m thinking that will go to Berlusconi

ACMilanLover

The 350M is the money to be invested in the team over the next 3-4 yrs… That is different from the overall 740M for Milan (which includes debt of 220M) … The 85M and the 15M are part of the 350M of the team investments (and not the 740M) … Hope it is clear now …

Dwayne Kanas

So just to make sure, is the 85M that we just got now, the money to be used in the January/Winter transfer season?

Cryptic

Good now sign me for 10m and watch me become messi

ope

sign me for jst 500k euros……..alongside yaya toure in d middle & see wah milan fans av been missing since the days of gullit…….boban…….albertini…….and am not joking

dodoz

Who are you?

Eighteen99

I actually score 40 goals every year at a local football club in my country.. Maybe Milan should sign me. A million bucks will do! 🙂

Dwayne Kanas

You’re gonna have to compete with Niang, Bacca,Adriano, Lapadula and Vido for a place up front bro! XD

Joddie

Let’s hope milan plays better before January.. and Carlos Bacca don’t lose form or worst (injury) cos I feel milan will be great again..