Sino-Europe puts up another 100 million euros for AC Milan

Posted December 13, 2016 6:00 am

The Associated Press

MILAN (AP) - The group of Chinese investors buying AC Milan has put up another 100 million euros ($107 million) for the purchase of the Serie A club.

The completion of the deal had been scheduled for Tuesday, but last week Silvio Berlusconi's holding company and Sino-Europe Sports agreed to a three-month delay, postponing the closing until March 3.

The agreement required Sino-Europe to provide another 100 million euros by Monday - in addition to 100 million euros already paid - and on Tuesday a statement by the Chinese consortium confirmed the sum had been deposited.

The deal with Sino-Europe, which includes the participation of a Chinese state investment fund, values Milan at 740 million euros (about $800 million).

Berlusconi owns 99.93 percent of the club, which he purchased 30 years ago.

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