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Payment keeps Chinese Milan buyout on track

Milan (AFP) – A Chinese consortium in the process of buying AC Milan said Tuesday it had made a second 100-million-euro down payment, keeping the deal on track to be completed in March.

According to the consortium’s PR advisers, Sino-Europe Sports (SES) made the payment to Fininvest, the holding company of Milan’s media tycoon owner, Silvio Berlusconi.

Berlusconi, 80, has agreed to sell Milan to SES in a deal that values the famous club at 740 million euros ($825.4 million).

The deal was initially supposed to be completed on Tuesday but completion was last week postponed until March at the request of the Chinese purchasers.

Milan’s neighbours Inter Milan are already under Chinese owenership.

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