Silvio Berlusconi completes sale of AC Milan to Rossoneri Sport Investment Lux

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The former Italian Prime Minister had ownership of the club for over three decades, but after two years of negotiations the €740 million sale has now been completed.

"Today Fininvest has completed the sale of the entire stake owned in AC Milan -- equal to 99.93% -- to Rossoneri Sport Investment Lux," read a statement on the club's official website.

"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 €740m, which includes the club's indebtedness, equal to €220m 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 liquidity injections aimed at strengthening AC Milan's financial structure.

"Tomorrow, Friday April 14th, AC Milan's shareholders' meeting will resolve the appointment of the new governance bodies of the company."