Silvio Berlusconi has signed a deal to sell his full majority stake in Italian club AC Milan to Chinese investors.
Berlusconi’s Fininvest investment arm said Friday that the deal with a Chinese investment group values the club at 740 million euros (around $820 million) and requires the investors to spend 350 million euros over three years on improvements.
Berlusconi owns 99.93 percent of the club, which has been European champion seven times.
Fininvest said Berlusconi’s goal in negotiating the sale was “to provide AC Milan, through an appropriate ownership structure, with greater financial resources now more essential for competing with the top football clubs of the world.”
Historically one of the Serie A’s most successful teams, AC Milan finished last season in seventh place.
The Chinese investors operate through the management company Sino-Europe Sports Investment Management Changxing Co. Ltd.