AC Milan set to be taken over by Chinese investors
Consortium is said to be in talks with purchasing the Italian football club
- Club would be valued at around €750 million according to reports
Updated : 15:41
Italian football giants AC Milan look set to be the latest big acquisition by a group of Chinese investors, as a consortium holds talks with the club to buy an 80% stake, according to reports.
The reports say that the total value of the club is about €750 mn, which also includes €200mn of debt
The move, which is expected to be completed by the end of the month, would be the biggest investment by Chinese money for a top European club. Only last month AC's city rivals Inter were taken over by a Chinese business group.
The current owner is former Italian prime minister Silvio Berlusconi, and the club has struggled in recent times to compete at the top level, both on an international and domestic footing.
The sale would be the latest in a string of Chinese investment in the sport, as president Xi Jinping has repeatedly stated his aim of turning China into a world football superpower.
Chinese based clubs have been keen to flash the cash also, splashing out big transfer sums and wage packets to attract top players, with the likes of Didier Drogba, Ramires and Hulk all lining out for Chinese teams in the last number of years.