The takeover of AC Milan

(FILES) This file photo taken on August 21, 2011 shows Italian President of Council Silvio Berlusconi steping on the pitch after AC MIlan won the Trophee Luigi Berlusconi match AC Milan against Juventus, 2-1, on August 21, 2011, in San Siro stadium in Milan. AC Milan's protracted takeover by a Chinese consortium is scheduled to be concluded on April 13, 2017 after months of delays and uncertainty, although mystery surrounds the potential new owners of the seven-time European champions. Milan's media tycoon owner, the Italian former prime minister Silvio Berlusconi, agreed in August to sell to Sino-Europe Sports (SES) in a deal that valued the Serie A giants at 740 million euros ($785 million). / AFP PHOTO / Olivier MORIN

The takeover of AC Milan was completed yesterday, with Silvio Berlusconi selling the club to a Chinese consortium after 31 years in charge. The deal, which values Milan at $800 million (Sh87.2 billion), requires the investors to spend $372 million (Sh38.4billion) over three years on improvements.
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 buyers have confirmed their commitment to fulfill important recapitalization investments to the balance sheet and strengthen AC Milan's finances and assets," Fininvest said.