Milan complete sale to China firm

Apr 15, 2017 06:00 am

Italian tycoon Silvio Berlusconi expressed sadness at selling AC Milan after 31 years in charge and called on the club's new Chinese owners to surpass his stunning 29-trophy haul.

Milan, who won five of their seven Champions League titles during Berlusconi's reign, completed their sale to a Chinese-led consortium in a 740-million-euro (S$1 billion) deal on Thursday night.

Berlusconi, 80, bought the ailing club in 1986 and oversaw their golden era, which included eight Serie A titles.

He said: "I leave today, after more than 30 years as owner and chairman of AC Milan. I do so with pain and emotion, but... I will always be AC Milan's No. 1 fan."

The new owner is Chinese businessman Li Yonghong, whose 500m-euro fortune came from the construction and packaging businesses.

Milan's city rivals Inter, whom they meet in a league match today (6.30pm), were also bought by a Chinese firm - retail giant Suning - last year. - WIRE SERVICES