Silvio Berlusconi, the former Italian prime minister, has agreed to sell AC Milan to a consortium of Chinese investors. It is said that Berlusconi's Fininvest family holding has signed a preliminary agreement valuing the club at €740 million, including €220 million of debt.

The Chinese investors include the development and investment fund Haixa Capital and Yonghong Li, chairman of management company Sino-Europe Sports Investment Management Changxing, according to an official statement.

It also added that there were other companies involved in the deal, some of which are controlled by the Chinese state, but gave no further details as to their exact identity.

The deal is due to be closed by the end of the year. Fininvest said the buyers had committed to investing 350 million euros over the next three years into the club, which has failed to win a major trophy since 2011.

Source: Financial Times

Proofread by Sean O Diobhilin