Jilin Yongda Group has recently signed an agreement with the Chinese consortium Sino-Europe Sports Investment Management Changxing. This deal will see the two sides work together to complete the acquisition of the Italian soccer giant AC Milan.

As revealed by an official report, the pair will set up an industry fund of less than RMB 4.5 billion, which will be used to purchase a stake in the Serie A club.

According to an earlier report, 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.

Source: Netease

Proofread by Sean O Diobhilin