Chinese investors Rossoneri Sport Investment Lux have completed the takeover of AC Milan, purchasing 99.93 per cent of the club from the previous holding company Fininvest.
Former Italy prime minister Silvio Berlusconi has been owning the Serie A club since 1986. During that time, they won eight league titles and five European Cups.
Rossoneri Sport Investment Lux, led by executive director Han Li, has been trying for weeks to conclude a deal but closure on the agreement was persistently pushed back.
"Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93 per cent - to Rossoneri Sport Investment Lux," the statement confirmed.
"The closing is the last step of the purchase agreement signed on August 5 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux."
"The terms of the agreement are the same disclosed in August and reflect of an aggregate evaluation of AC Milan equal to EUR740 million, which includes the club's indebtedness, equal to EUR220 million as of June 30, 2016," the statement added.
It should be noted that Milan have not won Serie A since 2011 and finished seventh, 10th and eighth in the last three seasons.
They are currently sixth in the league, 20 points behind leaders Juventus.
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