• AC Milan's closing date delayed

    AC Milan's closing date delayed

    AC Milan’s sale is being delayed according to  Reuters.

    The reliable press agency has interviewed two sources that are reportedly following negotiations for the sale of AC Milan closely.

    “AC Milan’s takeover should be completed by the beginning of December”, one of the sources has told Reuters.

    “On paper, the closing date should have been the 20th of November, but they’ve noticed there is no time to finalize the deal by that date. A new date could be the 23rd of November, but the takeover is expected to be completed by the 3rd of December now.”

    It’s worth adding that the official deadline for the end of negotiations is the 31st of December, but sources are pretty sure that the deal will be done by that date, probably in the first week of December.

    Silvio Berlusconi’s holding company Fininvest has already cashed in a deposit of € 100 million. The Chinese consortium Sino-Europe is going to buy the 99,93% stake in the club for € 740 million, including debts, one of the sources says, adding that two or three more Chinese investors will join Haixia Capital and Younghog Li in the Serie A club’s takeover.

    Silvio Berlusconi will be offered the honorary presidency even if the current owner of the Serie A club has yet to make a final decision and still doesn’t know whether to accept the offer of the Chinese consortium. No other member of the Berlusoni family will be offered a role in the club’s control room.

    Once the deal is done, Adriano Galliani is set to hand his resignation with Marco Fassone replacing him as the club’s CEO. One or two more council members are expected to resign alongside Galliani.

    A new Chinese executive vice-president is expected to be appointed after the club’s takeover and the board of directors should be composed by three Italian members and three Chinese, sources claim.

    Lorenzo Bettoni @lorebetto

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