Silvio Berlusconi sells 48-percent stake in AC Milan to Thai investor Bee Taechaubol

There's finally reason for optimism at the San Siro.

AC Milan announced Friday that president Silvio Berlusconi approved the agreement signed by Fininvest managing director Pasquale Cannatelli and Thai investor Bee Taechaubol, resulting in Taechaubol acquiring a minority stake of 48 percent of the club.

Berlusconi and his holding company Fininvest, meanwhile, will have an absolute majority share of 52 percent.

Although the announcement means that Berlusconi will continue to operate as Milan's president, the sale - which became more and more expected as the club's disastrous 2014-15 campaign dragged on - is viewed as a positive step in the Rossoneri's quest to re-establish themselves among the European elite.

Whether justified or not, the 78-year-old former Italian prime minister, who took over in 1986, evolved into the scapegoat for Milan's struggles last season.

Although the club have won 28 trophies under his presidency, including eight Serie A titles and five Champions League titles - two of which were won when the competition was known as the European Cup - supporters have grown disillusioned with Berlusconi.

Tempers reached a boiling point during Milan's humiliating 3-1 defeat at home to Genoa C.F.C. at the end of April, when a number of the club's ultras sat in assigned seats to spell out "Basta," which translates as "Enough."

The next eight weeks will see Berlusconi and Taechuabol "work together on a great and ambitious economic project to take Milan back to the highest levels of Italian football that are in line with the club's history, prestige and results."