AC Milan has a new Chinese owner, ending the Berlusconi dynasty

Rossoneri Sport Investment Lux, a consortium led by businessman Yonghong Li, bought soccer team AC Milan for $786 million.

"Fininvest has completed the sale of all shares in AC Milan - equivalent to 99.93% - to Rossoneri Sport Investment Lux. This is the final step of the sale and purchase agreement signed on 5 August 2016 and resumed on 24 March 2017.

The terms are the same as those announced in August, with AC Milan valued at $786 million, including debt of $234 million," the statement said.Fininvest,The group of former boss Silvio Berlusconi, released on the evening of April 13, said.

JobFininvestThe sale of all shares means that billionaire Berlusconi has ended his 31-year reign as owner of AC Milan. This is a period when the red and black striped team won 29 titles, including five European Cups/Champions League.

Berlusconi (left) completes the handover of AC Milan to new owner Yonghong Li.

AC Milan have been on a downward spiral over the past decade. Last season, the team finished seventh in Serie A and failed to qualify for the European Cup.

AC Milan's new owner, Yonghong Li, shared with 163 Sports:"I thank Berlusconi and Fininvest for their trust and AC Milan fans all over the world for their patience. AC Milan is a famous club with the most glorious history. We have taken an important step on the road to revival. And in the future, we promise to gradually bring this legendary club back to the top."

Yonghong Li is a prominent Chinese real estate entrepreneur. In 2013, he was fined for concealing the sale of shares in a company. In 2015,Li also caused a stir when his name was revealed in the Panama Papers.

AC Milan is not the first high-profile Italian club to fall into the hands of a Chinese owner. Last year, cross-town rivals Inter Milan took the lead when they sold themselves to billionaire Zhang Jindong’s Suning Holding Group.

According to VNE