Former Italian PM sold AC Milan to Chinese conglomerates

A secret Chinese consortium has partially purchased AC Milan, a renowned football club, from former Italian Prime Minister Silvio Berlusconi, who holds preponderance of its shares.The shocking new was revealed by Berlusconi during a casual interaction with some local news reporters.It is learned that the Chinese consortium would pay nearly four-hundred million Euro to buy the football club from the former PM.Notably, Berlusconi has neither showed any interest in discussing the matter nor offered to disclose the identity of the buyer.

The Berlusconi, who served as PM over four times, had stepped down from the position after facing corruption allegation. Later, he was convicted by the Italian court over tax fraud and bribery case.Media reported that the secret consortium is initially trying to buy over eighty per cent of share. Report added that it may later buy the remaining shares.Now, some of the top football clubs in Europe are partially or completely owned by some wealthy Asian tycoons.Earlier also, Berlusconi made an attempt to sell the club to a Thai buyer. But, due to some unknown reasons, he failed to clinch the deal.Football is a popular sport in the Chinese provinces. Recently, the Communist government of China has promised to strengthen the sports sector.Experts claim that the Asian economy as well as its sports and entertainment sector is presently undergoing an abrupt growth.

Vignesh

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