Football - Chinese move closer to AC Milan takeover

AC Milan's fans cheer during the Italian Serie A football match between Lazio and AC Milan at Olympic Stadium in Rome on November 1, 2015. AFP PHOTO / TIZIANA FABIAC Milan's fans cheer during the Italian Serie A football match between Lazio and AC Milan at Olympic Stadium in Rome on November 1, 2015. AFP PHOTO / TIZIANA FABI

AC Milan moved a step closer to a takeover after the struggling Serie A giants announced the start of "exclusive negotiating rights" with Chinese investors. Club owner Silvio Berlusconi said last week he was open to selling a majority stake in the fallen seven-time European champions, with a preference to keep the club in Italian hands.

But following the recent collapse of talks with Thai businessman Bee Taechaubol, a statement by Milan on their official website suggested Berlusconi's holding company Fininvest is now ready to begin serious negotiations with a Chinese consortium. "Fininvest has reached an agreement with a group of Chinese investors in establishing exclusive negotiating rights for the sale of shares of AC Milan," said the statement. City rivals Inter Milan were taken over by Indonesian businessman Erick Thohir in November 2014.

AFP

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