After months and months and months of reports suggesting the closing of the sale was soon or that a date had been set for the sale with nothing coming through we can now finally say that the Milan of Silvio Berlusconi has been sold. The official date of the sale was yesterday.
The new owners are also not the ones those previous reports reported on. In the midst of the chaos over the sale of the club, money availability was a concern as well as the actual identity of those wanting to purchase the club. Sino-Europe Sports was the group to buy the club up until recent months when the group splintered.
With the dissolving of SES, new and current owners Yonghong Li and Han Li, came through and purchased Milan under the new name of “Rossoneri Sport Investment Lux” with the help of an American hedge fund, Elliott Management Corporation.
Official Fininvest Press Release:
Today 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 indebtedness, 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 liquidity injections aimed at strengthening AC Milan’s financial structure.
Tomorrow, Friday April 14th, AC Milan’s shareholders’ meeting will resolve, inter alia, on the appointment of the new governance bodies 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.
There era of Berlusconi (and Galliani as well) is over now. It was a glorious 31 years that was filled with highs and lows. The Milan of Berlusconi won 29 trophies and became a leader in the footballing world. We can only hope that the new owners can reach the heights of Berlusconi’s Milan if not surpass those amazing achievements.