AC Milan will be sold to a Chinese consortium in three parts, with the first instalment being paid to Fininvest in two weeks time.
It was announced on Friday that Silvio Berlusconi would sell 99.93% of the club, worth €740 million, to Asian bidder Li Yonghong, and not the expected buyers, Nicholas Gancikoff and Sal Galatioto, with whom there had been negotiations for several weeks.
According to milannews.it, the first instalment will be paid to Fininvest by August 19, with the second being paid in September and the third and final instalment being processed in November.
This makes it possible that the Rossoneri will have extra funds to spend during the summer transfer window, as they will have around a week after the first instalment is paid before the market shuts.
It marks the beginning of the end of Berlusconi’s prestigious 30-year reign as Milan owner, during which time he oversaw the club win 28 trophies.