The Milan owner Silvio Berlusconi could be close to sell 75% of its shares in the seven-time champion of the European Cup after reportedly holding talks with Chinese investors over a potential € 1bn acquisition.
According to a report in La Gazzetta dello Sport, former prime minister of Italy, held talks with a group that includes Hong Kong entrepreneur Richard Lee Thursday night and told sources that "the sale of 75% of Chinese Milan has agreed. "
Lee was photographed with Berlusconi in a game in October, fueling rumors that could be about to buy a stake in the club. It expects the deal to include Berlusconi's daughter, Barbara, continuing in his position as director of the club.
The Italian news agency AskaNews believes that the Chinese government is playing a key role in the takeover in an attempt to promote football in the country.
Berlusconi took over Milan in 1986 and has seen the club win five European Cups under his direction.