AC Milan close to selling 48 percent of club to Taechaubol, says president Berlusconi

AC Milan is finally ready to sell a minority share of the club to Thai businessman Bee Taechaubol.

President Silvio Berlusconi said in an interview with Sky Sport Italia on Monday that the deal is a "formality," with a 48 percent stake slated to go to Taechaubol.

An official announcement, however, has not yet been made.

Berlusconi reportedly met with Mr. Bee - as he is nicknamed - to finalize the transaction after months of negotiations and preliminary agreements. The former Italian prime minister will retain a majority through his holding company Fininvest.

"The deal with Mr. Bee? It’s only a formality now," Berlusconi said, courtesy of Football Italia. "I like Bee Taechaubol very much."

The two parties had already signed a pre-sale agreement on Aug. 2. The deadline was set for Sept. 30 - one day after Berlusconi's 79th birthday - and the cost was said to amount to €480 million.

"We're focusing on marketing the Milan brand in all Far-Eastern countries, not just China. The plan should lead Milan to bringing in over €100 million annually," Berlusconi added.

Taechaubol has taken his time with the purchase, as official talks initially began in the summer. Questions persisted in the meantime over his finances, and whether Taechaubol, who isn't a known billionaire, had the wherewithal to meet Berlusconi's valuation.

But the latest developments indicate that he'll soon become a part of Milan's hierarchy.