Italian businessman and
former prime minister Silvio Berlusconi has agreed to sell famous soccer club
AC Milan to a Chinese consortium for 740 million euros ($820 million).
Despite a recent slump, AC
Milan is one of Europe's elite football clubs. It has won the European Cup and
UEFA Champions League seven times, a record beaten only by Spain's Real Madrid.
According to a preliminary
agreement with Berlusconi's Fininvest holding company, the new Chinese owners
have promised to pump 350 million euros into the club over three years, with
the first 100 million euros due when the deal closes later this year.
Led by Yonghong Li, the
group buying AC Milan also includes Haixia Capital and a Chinese state-owned
investment company.
In a second deal announced
Friday, English club West Bromwich Albion was sold to Chinese construction
entrepreneur Guochuan Lai for an undisclosed sum.
Credit:CNN
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Chinese are taking over the world economy.
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