November 24 – AC Milan’s long awaited sale to new Chinese investors is now scheduled to complete December 13, but there seem to be some doubts on whether the sale will complete following remarks made by owner Silvio Berlusconi.
The Chinese investors have put down a €100 million deposit on the deal and have a further €420 million to pay on completion. Rumours are that they are asking for more time to complete on the final payment.
Speaking to La Repubblica, Berlusconi said: “If I will not be able to conclude a deal with these Chinese partners, I have in mind a project of creating an entire team made up of young Italians, preferably who have emerged from our youth team.
“The fans would accept a choice like that and would support these guys who would go to the pitch with a hunger for the game and for the ball. This success can allow such youth teams to be able to overcome even the most notable opponents.”
So that is his view of an alternative future if the Chinese don’t come through. If they don’t pay the €420 million on time and if they aren’t granted an etension then they forfeit their €100 million deposit.
“We have precise assurances from the banks that the deal will be closed on December 13th. If this does not happen, we’ll see. But I think they gave us valid assurances,” said Berlusoni.
Outstanding issues regarding the sale are whether CEO Adriano Galliano remains with the club (Berlusconi hopes he does), and who exactly the identities of the Chinese buyers are.
Sino Europe Sports is the vehicle created for the acquisition of the club, with Yonghong Li and Li Han named as the heads of the consortium and as the major investors with 25% of the shares. State-backed Haixia will hold a 20% stake.
But it is the remaining 55% of the ownership that is unclear with insurance group Ping An rumoured to be one investor set to join the consortium.
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