The takeover of AC Milan was completed Thursday, with Silvio Berlusconi selling the club to a Chinese consortium after 31 years in charge.
The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.
Berlusconi’s holding company, Fininvest, released a statement Thursday announcing that it had completed the transfer of its 99.93 percent stake in Milan to Rossoneri Sport Luxembourg — which was formerly known as Sino-Europe Sports.
“Today’s finalization gives full effect to the takeover agreement,” Fininvest said in the statement.
The deal requires the investors to spend 350 million euros ($372m) over three years on improvements.
“The buyers have confirmed their commitment to fulfill important recapitalization investments to the balance sheet and strengthen AC Milan’s finances and assets,” Fininvest said.
A general shareholders’ meeting has been called for Friday when the names of the new president and directors will be announced. There is also expected to be a news conference on Friday.
The new owners’ first match will be Saturday’s derby against Inter Milan.