Silvio Berlusconi confirms sale of AC Milan

Baku. 5 July. REPORT.AZ/ Silvio Berlusconi, has confirmed that he will sell the seven-time European champions to Chinese investors and expects to receive €400m (£338m) over the next two years.

Report informs referring to the RIA Novosti, former Italian Prime Minister, the AC Milan President said Tuesday.

He has confirmed sale of club to a Chinese investor. 

"The choice I am making is an important one. I want to deliver AC Milan to people who can make the club a major force again not only in Italy but in Europe and the world."

Robin Li, the founder of search engine Baidu and rated as China’s sixth-richest man, is believed to be leading the consortium, which will purchase a 70% share in the club.

Berlusconi, who bought the club in 1986, has been negotiating for more than a year with various interested parties. Milan, who reported a loss of €93.5m last year, appointed Vincenzo Montella as their new coach last week. The club for the last time was an Italian champion in 2010-2011 season.