AC Milan sale delayed until March
The sale of AC Milan has been put back until March, the parties involved in the deal have confirmed.
A deal to sell AC Milan to a Chinese consortium has been delayed until 3 March.
A joint statement between Fininvest – the holding company of Milan owner Silvio Berlusconi – and Chinese investors Sino-Europe Sports (SES) on Thursday (AEDT) confirmed the new sale date.
Originally, the transition was expected to be completed by mid-December, but reports suggest SES struggled to obtain approval for the purchase from the Chinese government.
As part of the delay, SES has agreed to pay a further €100million in addition to the €100m it had already deposited.
The statement read: "Fininvest and Sino-Europe Sports have reached an agreement to extend the deadline by which to achieve the closing on the sale of investments held by Fininvest AC Milan to March 3rd, 2017.
"The agreement, approved by the Fininvest Board of Directors, predicts that by December 12 Sino-Europe Sports, accredited by Fininvest will pay a further deposit of €100m. This is on top of the €100m euros already paid upon signing the trade contract.
"The agreement on the extension, which was requested by SES, reiterates that the methods of AC Milan's business operations up until the closing date will continue to be based on the principle of shared choices."
On the pitch, Milan manager Vincenzo Montella has led the side to third in the Serie A table after 15 matches - four points adrift of Juventus, which it beat in October.