This morning, CCTV5, one of China’s official state channels, announced on Weibo (one of the main social networks used in the Socialist Republic) that 99.93% of AC Milan has been sold to a Chinese group.
Berlusconi is, in fact, reported to have parted with the entirety of his Milan shares. Sino-Europe have now invited local journalists to a press conference, to be held in the coming days in Beijing.
Milan’s board of directors had agreed in the last few days to hold the closing of the transaction either on March 1st, or March 3rd. They will meet on both dates to discuss the transfer of powers to the new board, while the sale will be made official and signed by both parties.
Major questions were asked in the last few weeks when it emerged that a lot of the money was coming from the British Virgin Island, not from the Chinese giant.