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Chinese investors buying majority stake in AC Milan

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Milan, April 3: Italian football giants AC Milan's owner, Silvio Berlusconi, confirmed on Friday that he is on the verge of selling 75 per cent of his shares in the club to a group of Chinese investors.

The deal is said to be worth over 1,000 million Euros ($1,080 million).

"The sale of 75 per cent of Milan to the Chinese has been agreed on," Berlusconi was quoted as saying by marca.com.

Talks with an important group of Chinese investors will continue, with pen being put to paper in just a few months. The deal would also include the continuance of Berlusconi's daughter, Barbara, in her position as a club director.

Back in February rumours started doing the rounds with a Thai businessman, Ben Taechaubol, being linked to buying the majority share in the Italian club.

Milan are one of the biggest names in world football with seven Champions Leagues triumphs. But the Italian club has not picked up any silverware since 2011 and presently sits in the eight place in Italy's Serie A, dogged by severe financial constraints.