AC Milan completes drawn-out sale to Chinese-owned company

The Silvio Berlusconi era at AC Milan has come to an end.

The Serie A giant has been taken over by Rossoneri Sport Investment Lux, a holding company in Luxembourg owned by Chinese businessman Yonghong Li, following a series of delays which stretched back to last August.

Overall, the deal is worth €740 million, including €220 million in debt.

AC Milan's official statement read:

Today Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux.

The closing is the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.

The takeover ends Berlusconi's 31-year reign over the Rossoneri. He's responsible for making the unheralded appointment of Arrigo Sacchi in 1987, which ushered in the most successful period of AC Milan's history. The club enjoyed continental supremacy through Sacchi's tactical expertise, before improving further through the subsequent appointment of the more pragmatic handler, Fabio Capello.

Overall, AC Milan plundered eight Serie A titles, was crowned champion of Europe on five occasions, and picked up five UEFA Super Cups, one Club World Cup, and one Coppa Italia under the former owner's watch.

There has been a downturn in AC Milan's fortunes over the past decade, however, as Berlusconi continued to focus attention on both his political endeavours and his controversial social life.

He at least departs with some welcome optimism at the club. Vincenzo Montella's side has slumped to sixth recently, after previously challenging for the Champions League qualification berths, but the expected financial windfall from the takeover will help supplement the emerging, young talent at AC Milan.