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Former Italian Prime Minister Silvio Berlusconi agrees to sell AC Milan

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The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini/File Photo TPX IMAGES OF THE DAY

Former Italian Prime Minister Silvio Berlusconi agreed on Friday to sell soccer team AC Milan to a consortium of Chinese investors, ending his three decades of ownership of the seven-times European champions.

Berlusconi's Fininvest family holding said it had signed a preliminary agreement valuing the club at 740 million euros ($818 million) including 220 million euros of debt.

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