The Milan owner, Silvio Berlusconi, could be close to selling 75% of his shares in the seven-times European Cup winners after reportedly holding talks with Chinese investors over a potential €1bn takeover.
According to a report in La Gazzetta dello Sport, the former Italian Prime Minister held talks with a group which includes Hong Kong businessman Richard Lee on Thursday night and told sources that “the sale of 75% of Milan to the Chinese has been agreed on”.
Lee was pictured alongside Berlusconi at a game in October, fuelling rumours that he could be about to purchase a share of the club. The deal is expected to include Berlusconi’s daughter, Barbara, continuing in her position as a club director.
Italian news agency AskaNews believes that the Chinese government is playing an instrumental role in the takeover in a bid to promote football in the country.
Berlusconi took over Milan in 1986 and has seen the club win five European Cups under his stewardship.
