The sale of prized Italian soccer team AC Milan to a group of Chinese investors is set to be finalized on March 3 Nike VaporMax Shoes UK , two sources close to the matter said in what would be the biggest Chinese investment in a European club.
The deal, valuing the club at 740 million euros ($818 million) including 220 million euros of debt, was originally supposed to close at the end of last year but the Chinese buyers struggled to get final approval from their government.
Former Italian prime minister Silvio Berlusconi agreed in August to sell one of his most cherished assets to an investment vehicle called Sino-Europe Sports Investment Management Changxing, which is backed by Haixa Capital and entrepreneur Li Yonghong.
The investors are due to pay Berlusconi the outstanding 320 million euros and are also expected to inject a further 100 million euros into the team, as initially agreed in August Nike VaporMax Youth UK , the two sources said.
The full composition of the Chinese consortium is unknown and is due to be revealed at the closing, the two sources added.
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Y Wang Yingsheng, deputy secretary general of the association Nike VaporMax UK China Sale , said the U.S. stance on investigating steel imports would not exert much influence on China's steel industry.
In the first quarter, sales revenues of China's steel companies rose by more than 40 percent year-on-year to hit a total of 839.3 billion yuan (about 122 billion U.S. dollars).