AC Milan sold to Chinese consortium


The takeover of AC Milan was completed Thursday, with Silvio Berlusconi selling the club to a Chinese consortium after 31 years in charge.

The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.

"I thank Berlusconi and Fininvest for their trust and the fans for their patience, from today we will build the future," Li said.

Berlusconi's holding company, Fininvest, released a statement announcing that it had completed the transfer of its 99.93 percent stake in Milan to Rossoneri Sport Luxembourg — which was formerly known as Sino-Europe Sports.

"Today's finalization gives full effect to the takeover agreement," Fininvest said in the statement.

The deal, which values Milan at 740 million euros (about $800 million), requires the investors to spend 350 million euros ($372 million) over three years on improvements.

"The buyers have confirmed their commitment to fulfill important recapitalization investments to the balance sheet and strengthen AC Milan's finances and assets," Fininvest said.

A general shareholders' meeting has been called for Friday when the names of the new president and directors will be announced. There is also expected to be a news conference on Friday.

The new owners' first match will be Saturday's derby against Inter Milan, which is also owned by a Chinese company.

During Berlusconi's reign, Milan won a number of trophies at home and abroad. The Rossoneri won eight league titles, one Italian Cup and seven Super Cups as well as five Champions League trophies and five UEFA Super Cups.

But the famous Italian club has slipped from the top in recent years and is currently sixth in Serie A.

Milan won the Italian Super Cup in December, beating Juventus for its first trophy in six years.

"I'm leaving today, after more than 30 years, the title and job of Milan president," Berlusconi said in a long statement on Milan's website. "I do it with pain and emotion, but with the knowledge that in modern soccer, in order to compete at the top European and world levels, you need investment and resources which one single family is not able to sustain.

"I will always be the first fan of Milan, the team that my father taught me to love as a child, the dream that we realized together. To the new owners I give my best and most heartfelt wishes that you achieve goals even more extraordinary than those achieved by us."

Copyright 2017 The Associated Press.

Comments

Post a Comment

Popular posts from this blog

Limited Edition Ford GT 'Competition Series' Is All About The Track

Image
Ford's new GT Competition Series was built with weight-saving in mind, but also with an improved center of gravity for better road-holding. Among its features, you'll notice the lightweight carbon fiber racing stripes, A-Pillars and side mirrors, as well as the unique race-inspired Perspex acrylic engine hatch with integrated venting. Thanks to the manual latch and the carbon fiber prop rod, weight near the roof has been reduced, though Ford engineers went even further in their quest to make the car lighter, by making the bulkhead Gorilla Glass behind the driver about half as thick (and as light) as on other models. "The Ford GT has racing in its blood," said Ford exec Raj Nair, while adding that the Competition Series "was developed with the most hardcore track enthusiasts in mind, providing a tailored set of lightweight features and unique livery to match." There are also plenty of remaining performance features from the production car, such as
Read more

Alpine A110 Hits Geneva With Pure, Legende And GT4 Versions

Image
Renault’s reborn Alpine brand has been getting rave reviews for its new A110 and now, as promised, it’s revealed new versions of its coupe at the Geneva Motor Show. Following the success of the sold-out Premiere Edition, the A110 will now be offered in Pure and Legende trims. The A110 Pure is targeted at driving enthusiasts. It features one-piece Sabelt sports seats that weigh barely more than 13 kilograms (28.6 pounds) each and, combined with other weight-saving measures, helps keep the curb weight below 1,100 kg ( 2,425 lbs). It’s not entirely stripped out, though, and still comes with features like air-conditioning and satellite navigation. Buyers can also add upgraded Brembo brakes and an adaptive exhaust system and can upgrade to the adjustable comfort seats. Those come standard on the Legende model, which is geared more towards every day driving and grand touring and comes with leather upholstery. Customers can also choose between two Focal sound systems and two wheel
Read more

Volkswagen T-Roc Cabriolet Is A Crossover For Droptop Lovers

Image
Droptop crossovers have always been rather odd and the T-Roc Cabriolet is no different. It will be the only convertible Volkswagen on sale for the foreseeable future and will celebrate its public debut at the Frankfurt Motor Show in September. Rather than simply removing the roof of the standard T-Roc, Volkswagen has drastically altered the vehicle’s structure and body. In fact, its wheelbase is 37 mm longer than the standard T-Roc while its overall length is up by 34 mm. In addition, the Volkswagen T-Roc Cabriolet features structural strengthening in the underbody, side panels, cross members, doors, and windscreen frame to make up for the lack of a roof. The folding fabric roof developed by Volkswagen retracts in just nine seconds at speeds of up to 19 mph (30.5 km/h) and is similar in operation to the roof of the outgoing Golf Cabriolet. The presence of the soft top reduces trunk space by 161 liters down from the 284 liters of the run-of-the-mill T-Roc. We don’t think bu
Read more