The sale negotiations regarding football club AC Milan have taken an unexpected turn, as Fininvest and Sino-Europe Sports have failed to agree on an extension of the closing agreement.
The Chinese consortium Sino-Europe Sports have failed to live up to the terms of the original agreement, which was set to be completed today. Therefore, the takeover is set to face yet another delay and possibly a turn of events as Milan now will be eligible to negotiate with other potential buyers, as the Rossoneri’s agreement with Sino-Europe Sports expires by midnight.
Negotiations are likely to continue anyway, but they will have to start it all from scratch. This also means that Berlusconi and Fininvest will regain the full decision-making power of AC Milan. In other words, they will not have to confer with Sino-Europe Sports unless another agreement is signed.
In order to keep negotiations alive, Sino-Europe Sports will have to pay another €100m by next Friday, which will result in a new agreement between both parties. Should they fail to do that, then Berlusconi is free to negotiate with other consortiums for a sale of AC Milan.