Official: Berlusconi sells Milan
Fininvest has completed the sale of the entire stake owned in AC Milan – equal to 99.93% – to Rossoneri Sport Investment Lux.
The closing is the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.
The terms of the agreement are the same disclosed in August and reflect of an aggregate evaluation of AC Milan equal to €740 million, which includes the club’s debts, equal to €220 million as of June 30th 2016. A €90 million refund for AC Milan’s running costs anticipated by Fininvest from July 1st 2016 hitherto add up to the evaluation.
The buyers also confirmed their commitment to undertake significant capital increases and injection of funds to finance the club.
Tomorrow, Friday April 14th, AC Milan’s shareholders’ meeting will resolve, on the appointment of the new board members of the company.
Rossoneri Sport Investment Lux was supported by the financial adviser Rothschild & Co. and by the law firms Gianni, Origoni, Grippo, Cappelli & Partners and Gattai, Minoli, Agostinelli & Partners. Fininvest was supported respectively by Lazard and Studio Chiomenti. A joint statement has been released by both parties. This would be signal the end of one the most dragged club sales and the end of the Berlusconi era.