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AC Milan, sold to a Chinese-led consortium for 1 bln euros

The overall deal for the sale of soccer club AC Milan to a Chinese-led consortium is worth 1 billion euros ($1.06 billion), the club’s CEO designate Marco Fassone said on Friday.

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UPDATE: Marco Fassone, an experienced football executive hired by the Chinese-led consortium to turn around the once high-flying and now loss-making AC Milan, said it needed its own stadium but this did not necessarily mean building a new one. He implied it could buy into Milan’s existing council-owned arena, San Siro.

“We want to give AC Milan a stadium in the short term,” Fassone told reporters a day after the consortium completed the purchase of AC Milan from former prime minister and media tycoon Silvio Berlusconi.

UPDATE: According to the designate CEO, a market listing of AC Milan is a possibility.

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UPDATE: New board of club will include Chinese investor Yonghong Li, Rossoneri Sport Investment Lux representative David Han Li, former Eni CEO Paolo Scaroni and former Telecom Italia CEO Marco Patuano.

The Chinese investors are paying 740 million euros for the club, including debt.

On top of that, 100 million euros would be paid to cover management costs in the run-up to the closing of the deal, while around 160 million euros would be invested in the club, Fassone told a press conference presenting the agreement.

Madeline Gorthon