Silvio Berlusconi’s holding company and a group of Chinese investors have agreed on a three-month delay to complete the sale of AC Milan. A joint statement from Fininvest and Sino-Europe Sports says the parties have agreed to complete the closing by March 3.
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The deal requires Sino-Europe to provide another 100 million euros ($107 million) by Monday in addition to 100 million euros already paid. The delay was requested by Sino-Europe. The statement says that until the closing both parties will have a say in the running of the club.
The deal with the Chinese group, which includes the participation of a Chinese state investment fund, values Milan at 740 million euros (about $800 million). Berlusconi owns 99.93 percent of the club, which he purchased 30 years ago.