Silvio Berlusconi, owner of the Italian football club A.C. Milan, has agreed to sell a majority stake in the club to a Chinese consortium, according to the latest report by Repubblica.

The Chinese consortium, led by Baidu founder Robin Li, will reportedly acquire an 80% stake in the club for €750 million, debts included. It is said that the Evergrande Group is also involved in the acquisition.

Berlusconi will remain as club president for the next three years and the Chinese investors will then be allowed to buy the remaining 20% of the Serie A club.

Nicholas Gancikoff will replace Adriano Galliani as the club’s CEO after the takeover, and the latter will stay on for the next three years.

Though more details about the Chinese consortium have not been revealed, American advisor Sal Galatioto is believed to be the group's representative.

Source: calciomercato.com

Proofread by Sean O Diobhilin