China hits double-salvo with AC Milan deal

Chinese consortium including state-owned SDIC paid $820 million for the Italian soccer club in the largest-ever Chinese investment into European football.

A Chinese consortium including State Development Investment Corporation SDIC clinched a preliminary agreement to buy nearly all of Italian soccer heavyweight AC Milan late on Friday, just hours after private investor Guochuan Lai sealed a deal to take over British football club West Bromwich Albion.

Former Italian prime minister Silvio Berlusconi is set to sell his 99.93% stake in the seven-time European champions to an investment vehicle called Sino-Europe Investment Management Changxing Group, which has backing from Haixia Capital, SDIC and little-known businessmen Yonghong Li and Han Li.

The consortium will pay 740 million $820 million for the Italian football club, after estimating AC Milan's...

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