Milan (AFP) – The sale of AC Milan to a Chinese consortium was officially postponed Friday after their failure to meet financial demands by the agreed deadline of March 3.
Berlusconi agreed in August 2016 to sell the club to Sino-Europe Sports (SES) in a deal that values the Serie A giants at 740 million euros ($825.4 million).
Despite making a down payment of 200m euros for the seven-times European champions, SES did not meet Friday’s deadline to complete the purchase of the club.
At a shareholders meeting on Friday, club CEO Adriano Galliani called for SES to conclude the deal “as soon as possible”. No new date has been set.