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Football: China in talks over stake in AC Milan

Football: China in talks over stake in AC Milan
Silvio Berlusconi (Imago) 

(AGI) Milan, May 10 - China is said to be interested in acquiring a stake in AC Milan. Acting on Silvio Berlusconi's instructions, the board of the Berlusconi family holding company Fininvest has issued an exclusive mandate for negotiating the sale of the club to a Chinese consortium. The mandate expires on June 15. Rumours suggest that a 500 million euro offer for a 70 per cent holding is under consideration. In-depth negotiations will ascertain whether or not a positive outcome is likely. Jack Ma, a Chinese e-commerce businessman, is said to have been instrumental in paving the way for negotiations, but is not directly involved in the purchase. A statement from Fininvest said it had reached an agreement for a period of exclusivity with a group of Chinese investors with regard to acquiring a stake in AC Milan. It was also accompanied by a memorandum of understanding for launching the in-depth negotiations. The period of exclusivity "was fixed in relation to the complexity of the issues for discussion, club needs and existing football fixtures", the statement said. (AGI)