After almost two years of negotiations and postponements, Silvio Berlusconi has sold AC Milan to Rossoneri Sport Investment Lux. The deal was closed with Berlusconi gaining €740 million from the sale to Yonghong Li and Han Li.
Berlusconi’s interest in selling to the organization was first announced in May of 2016, but because of funding issues for Rossoneri Sport, they couldn’t follow through with the deal. It was after the organization had recently taken a loan that they were able to agree to the terms of the agreement and enabling the former Prime Minister Silvio Berlusconi to surrender his rights to the club for the first time in 31 years.
A statement was released on AC Milan’s website speaking to the sale:
“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 terms of the agreement are the same disclosed in August and reflect of an aggregate evaluation of AC Milan equal to €740m, which includes the club’s indebtedness, equal to €220m as of June 30th 2016. A €90 million refund for AC Milan’s running costs anticipated by Fininvest from July 1st 2016 hitherto add up to the evaluation.
“The buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure.
“Tomorrow, Friday April 14th, AC Milan’s shareholders’ meeting will resolve the appointment of the new governance bodies of the company.”
It will be interesting to see how the club does under their new owners. Considering that Milan has won 29 trophies with Berlusconi, they’ll have high expectations to live up to in continuing to lead a powerhouse team to victory within the league.
Milan AC will play Inter, the club’s rival, during their first game with Rossoneri Sport Investment Lux as new owner on Saturday. Both teams will be fighting for a spot in Europe for next season.
Featured Image via Wikimedia