Milan, Aug 5 (IANS) Italian football club AC Milan has been sold to a consortium of Chinese investors on Friday.

Fininvest, the holding company of AC Milan chairman Silvio Berlusconi’s family which owns the club, began talks with the consortium in May.

The new business group, which is led by investor Han Li, will purchase the entire stake owned by Fininvest (99.93 percent) at AC Milan, according to the club’s official website.

They will pay 740 million euros ($819 million) for the takeover, inclusive of their 2400 million euros ($243 million) debts.

The deal also includes a variety of clauses to ensure that the new owners will invest 350 million euros ($387 million) on Milan over the next three years, including 100 million euros ($110 million) to be deposited now.

    The IANS was founded by Indian American publisher Gopal Raju as the India Abroad News Service. It was later renamed the Indo-Asian News Service.

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