The land grab continues as state-backed Chinese investors, levered to the gills and flush with cash, have convinced the Italians to sell them AC Milan.
The soccer club is owned by former Italian Prime Minister Silvio Berlusconi. This is the Italian equivalent of China buying the New York Yankees:
Silvio Berlusconi’s long quest to find a new owner for his football club AC Milan appears to be close to a conclusion with the former Italian prime minister saying he has agreed to a deal with a Chinese group.
The deal underscores China’s push to buy football assets across the globe, including the sale of Aston Villa to Chinese businessman Dr Tony Xia.
The Berlusconi family’s investment vehicle has been in exclusive talks with the Asian investors who have been conducting detailed analysis of the club’s finances for several months.
The deal is unlikely to be made official until next week at the earliest, according to two people familiar with the matter. They said that several small details still need to be worked out before an official statement can be made. They asked not to be identified because contracts have yet to be signed.
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