MOSCOW (Sputnik) — Earlier, media reported that Berlusconi made a deal worth 700 million euro ($780 million) selling 80 percent of the club's shares. The consortium of Chinese businesses is reportedly led by Robin Li, a co-founded the Chinese search engine Baidu.
Berlusconi has sold AC Milan to a Chinese conglomerate — End of an era.— Juvefc.com (@juvefcdotcom) 5 July 2016
Changing times for Serie A and calcio
"I sold Milan to the group which will make it return to the first ranks in Italy, in Europe and in the world," Berlusconi said, as quoted by Football Italia.
Berlusconi, via Ansa: "Milan have started the path towards the Chinese." It's happening, guys. €400M investment over the next 2 years.— Anthony Lopopolo (@sportscaddy) 5 July 2016
Berlusconi acquired AC Milan in 1986. Last time the football club won Serie A, Italy's premier football league competition, in 2010-2011 season.