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    • Closing date for AC Milan’s Chinese takeover revealed

    Closing date for AC Milan’s Chinese takeover revealed

    The closing date for AC Milan’s Chinese takeover has been finally revealed. Two shareholders’ meetings have been scheduled for the 2nd and the 13th of December. Sino-Europe are expected to finalize the deal on those two dates with Silvio Berlusconi who will put pen to paper on the final agreement ratifying the end of his era and the beginning of a new reign under a Chinese ownership.

    Sino-Europe are set to buy the 99.9% stake in the club and Silvio Berlusconi is going to remain at the club as honorary president, not covering decisional roles.

    The Chinese consortium was expected to finalize the deal by the 21st of November, but the closing date has been delayed due to bureaucratic reasons. New CEO Marco Fassone, however, was ensured during his last business trip to China that the consortium has money available to complete the deal.

    Sino-Europe has already paid a deposit of € 100 million and will invest € 440 more to complete the club’s takeover.

    An official announcement should arrive on Friday the 2nd of December, though a shareholders’ meeting has also been scheduled on the 13th in case of any other minor delay that may occur when it comes to closing these big deals. New members of board of directors are set to be named on those dates too.

    If, on the one hand, Berlusconi is going to stay at the club as honorary president, Adriano Galliani will see his era end after that the Chinese have complete the Serie A side’s takeover. The Italian executive has confirmed that he is going to step back as CEO, leaving the role to Marco Fassone. 
     

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