It is now almost official: Fininvest announced that they have received the 85 million euros remaining from Sino-Europe Sports Investment Management Changxing, which was previously agreed upon once the preliminary agreement was signed between the involved parties.
The Chinese paid the first €15m earlier this summer, but they have now also paid the remaining €85m of the agreed €100 deposit, which is great news for all the Milan fans, as the sale now looks set to be completed.
Here’s the official statement from Sino-Europe sports.
“Sino-Europe Sports is pleased to announce the completion of the payment of a €85 million deposit to Fininvest, confirming the commitment of the Chinese investors on the purchase of the entire stake owned by Fininvest in AC Milan, equal to 99.93%. This transaction comes after the €15 million payment submitted on the occasion of the signing of the binding contract, on the 5th of August.”
Mr. Li Yonghong, Chairman of Sino-Europe Sports, declares:
“Today’s announcement represents a milestone in the process that will bring to a new, glorious chapter in the life of this incredible club. For many generations of supporters, Silvio Berlusconi’s Milan has embodied the idea itself of victory and success. Our commitment is to bring this legendary team back into competition with the best teams in the world”
Under the terms of the agreement, and to achieve the objective stated above, the buyers will provide AC Milan with €350 million over a three-year period. This binding contract between the parties will be completed by the end of 2016.