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AC Milan shareholder meeting postponed as closing date may be delayed again

AC Milan shareholder meeting postponed as closing date may be delayed again

Chinese’s AC Milan takeover is an endless story at the moment as representatives of the Serie A giants have been negotiating the club’s sale for the last two years but are still unable to find reliable partners to finalize the deal.

Chinese consortium Sino-Europe was due to complete the takeover this past December, but the closing date was delayed to the 3rd of March as potential new owners failed to pay the remaining € 420 million left to acquire the majority shares in the club. A few days later, however, they managed to pay a fine of € 100 million, which means the remaining fee to be paid is € 320 million.

An AC Milan shareholder meeting should have take place tomorrow, two days before the official announcement of the club’s takeover. The meeting, however, has been rescheduled and will take now place on the 3rd of March, AC Milan have announced. According to Sky Italia, the delayed shareholders’ meeting is due to economical problems of the Chinese Consortium which has yet to inform AC Milan about the identities of all investors involved in the deal.

China Merchant Bank was thought to be one of the partners of the Chinese Consortium, but the press officer of the Institute has denied the report. “We are listed on the stock market which means we are transparent. If such big news would have been true, we would have already announced it.”

If the report of Sky Italia is accurate, the club’s takeover won’t be finalized on the 3rd of March, but the closing date will be delayed again. 

Lorenzo Bettoni @lorebetto