AC Milan sold to Chinese-backed consortium

Serie A giants AC Milan were sold to Rossoneri Sport Investment Lux on Thursday in a deal which sees the Chinese-led consortium take a 99.9 percent stake in the club.

The seven-time European champions who are Italy's most succcessful club in international competition, have been owned by former three-time Italy prime minister Silvio Berlusconi since 1986.

A joint statement by AC Milan's holding company Fininvest and Rossoneri Sport Investment Lux said: "Today Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93 percent - to Rossoneri Sport Investment Lux."