| New Delhi
(L-R)Italian businessman Marco Fassone, Fininvest administrator delegate Danilo Pellegrino, Rossoneri Sport Investment Lux representative David Han Li and Fininvest business development manager Alessandro Franzosi, pose after the sale (Photo: AFP)
The takeover is rumoured to be worth €370 million.
Italian giants AC Milan on Thursday announced the sale of the club to Chinese investors, according to statement made on their website (www.acmilan.com).
The Rossoneri, who for years were owned by former Italian Prime Minister Silvio Berlusconi, had been in talks with the the Italian side for a while now and on Thursday, the deal finally came through.
The 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 terms of the agreement are the same disclosed in August and reflect of an aggregate evaluation of AC Milan equal to €740 million, which includes the club’s indebtedness, equal to EUR220 million 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, inter alia, on the appointment of the new governance bodies of the company.
Rossoneri Sport Investment Lux was supported by the financial adviser Rothschild & Co. and by the law firms Gianni, Origoni, Grippo, Cappelli & Partners and Gattai, Minoli, Agostinelli & Partners. Fininvest was supported respectively by Lazard and Studio Chiomenti.”
Copyright © 2016 The Statesman Limited. All Rights Reserved.