"I'm leaving today, after more than 30 years, the title and job of Milan president," Silvio Berlusconi said after the sale of Serie A giants AC Milan to a Chinese-led consortium was finalized for €740m (£627m). "I will always be the first fan of Milan, Berlusconi added. The consortium takes a 99.9% stake in the club. The investors also agreed to spend €350m (£297m) over three years on improvements.
The club was sold to the Luxembourg-based Rossoneri Sport Investment Lux, a company controlled by investor Yonghong Li. During Mr Berlusconi's reign, AC Milan won eight league titles, one Italian Cup and seven Super Cups as well as five Champions League trophies and five UEFA Super Cups but now is currently sixth in Serie A. This is the biggest Chinese investment in a European club and follows last year's sale of Inter Milan to retail giant Suning Commerce Group. The investments are aimed to expand the sport in China, where President Xi Jinping is an avid fan who wants to host the World Cup one day and make the national team more competitive.