After the announcement of the sale earlier this summer, the next phase of a Chinese takeover at AC Milan has been completed.
After Silvio Berlusconi let the club go to a Chinese consortium for over €700 million, €15m was transferred immediately, and now the second instalment has been completed.
As announced by Fininvest, a further €85m was paid on Tuesday, totalling €100m so far, and it is hoped that the transaction will be completed by the end of the calendar year.
That is likely to be when the group, led by Li Yonghong, take over, however the full amount will be paid across a number of years.
By the time the €740m has been processed, Berlusconi will own just 0.07 per cent of the prestigious Italian club, who he has left after being in charge for 30 years.
Source: forzaitalianfootball.com