Fininvest and Sino-Europe Sports have put an end to the rumours circulating in the last week, with the Chinese claiming they’re ‘considering legal actions.’
Milan are expected to be sold to the Chinese group Sino-Europe Sports Investment Management Changxing Co. Ltd by the end of the year (the closing is reportedly set for November 15th).
The Consortium agreed with Silvio Berlusconi to pay €740m (including debts) to take the seven times Champions League winners from his hands and have already paid a non-refundable €100m in two tranches as a deposit.
However in the last weeks, the media – led by the American Bloomberg – started to raise questions over the solidity of the Chinese, claiming Sino-Europe and their Chairman Yonghong Li “provided a false Bank of Jiangsu Co. report during its initial deal negotiations.” After Bloomberg, the Chinese website caixin.com claimed that forged a letter from Dongguan Bank pledging financial support.
Fininvest and Sino-Europe Sports have both chosen to deny all of the reports today. A statement from the current holding company of the Rossoneri which is owned by the Berlusconi family reads:
“In view of the steady stream of rumours and indiscretions concerning the first stage of the transactions to sell AC Milan, Fininvest is compelled to forcefully reiterate the following issues:
- Checks on the buyers’ financial soundness were based on the assessments made by our advisors on Chinese and international financial institutions and professionals;
- Financial soundness has been proven by payment, made well ahead of schedule, of the €100 million deposit by Sino-Europe Sports, which, as of today, has fulfilled all commitments taken, pursuant to the agreement signed in August;
- Fininvest and Sino-Europe Sports’ combined efforts to close the agreement, within the end of the year, are going well and in full cooperation.
- These, and only these, are the actual facts, beyond all speculations.”
A statement released by “SES” reads: “With regard to the incessant speculation from the media – including today’s, spread by Chinese daily Caixin, which claims that during negotiations Fininvest received false financial guarantees and false supporting documents – Sino-Europe Sports strongly declares that all of the speculation is unfounded and that it is considering beginning legal action. As Fininvest has already stated several times, Sino-Europe Sports has duly and punctually complied with the financial obligations to Fininvest, in accordance with the agreement signed on 5th August.
“The parties are working attentively to finalise the closing of the deal, as was outlined in the said agreement.” Fininvest and Sino-Europe Sports are comfortable about the success of the sale.