Silvio Berlusconi, the AC Milan president is considering a sizeable takeover bid from Chinese-American group Galatioto Sports Group, say reports.
Il Giornale reports today that Galatioto sports have expressed a keen interest in AC Milan and talks are currently ongoing.
Following on from reports that a Chinese consortium are keen on acquiring a majority stake in Milan, it has emerged that Silvio Berlusconi may already be in advanced negotiations to sell the club to this same group. Apparently the Berlusconi family holding corporation, Fininvest, have spent the past few days negotiating with Sal Galatioto of the Galatioto Sports Group for the sale of the club. Galatioto is the representative of the Chinese consortium in question, headed by Robin Lee, the sixth wealthiest man in China.
Galatioto Sports assessed AC Milan’s financials, and after careful consideration, made an offer of €700m to purchase the club. The arrangement that is thought to have been put on the table is that the group would initially takeover 70% of the shares, and the remaining 30% in December.
If reports are to be believed, Berlusconi is currently considering the offer, and researching the group’s financial solidarity and background.
Although the report states that negotiations have reached a good stage, the final sale will not go through without Berlusconi’s final word. However, considering his financial state, it might be in his best interests to sell.
AC Milan have descended from the great heights they had attained all those years ago, and they currently sit in 6th position in the Serie A, 27 points behind league leaders Juventus. Financial issues prompted the sale of World Cup heroes Inzaghi, Gianluca Zambrotta, Massimo Oddo and Gennaro Gattuso. Massive cost cutting moves by Berlusconi, acting under the influence of his political advisers, have been detrimental to the consistency of the club, domestically and in Europe. With the Galatioto Sports Group taking the reigns, fans would be delighted to witness Chinese investment, both in the infrastructure of the club as well as in transfer windows. However, the first priority for the new owners would be to integrate new manager Cristian Brocchi into the system, and hope for a fresh start next season.