A Chinese consortium has completed the acquisition of Italian soccer club AC Milan. The consortium, Rossoneri Sport Investment Lux, is paying $818 million (€740 million) for the majority stake previously owned by media mogul and former Italian Prime Minister Silvio Berlusconi.
The deal’s mastermind, Chinese entrepreneur Li Yonghong, was appointed Friday to the club’s board of directors, along with consortium representative David Li Han.
The purchase price includes the assumption of $242 million (€220 million) of debt. And it comes with a commitment to further “significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure.’
The deal was previously announced in August last year. But the financing came apart and had to be restructured.
The introduction of capital export restrictions by Chinese monetary authorities, intended to slow deal-making in overheated sectors, including sports, media and hotels, meant that Li had to raise most of the financing from outside China. In the end, U.S. investment fund Elliott is understood to have provided $198 million (€180 million). Chinese conglomerate Huarong provided $154 million (€140 million.)