Milan: €100m by Friday


Sino-Europe Sports should pay another €100m deposit for their takeover of Milan by Friday, according to reports.

The Chinese consortium are in the process of buying the Rossoneri from Silvio Berlusconi and his holding company, Fininvest, but the deal has been plagued by delays.

Following the failure to complete the closing by the March 3 deadline, it’s expected a new deal will be reached to allow the transaction to go through.

Now Gazzetta dello Sport is reporting that another €100m should arrive in the next 72 hours, as both sides are determined to complete the deal as soon as possible.

It’s possible that, given red tape and time zones, the money could be delayed until Monday, but that wouldn’t present a problem.

In addition, Paolo Berlusconi, vice-President of the Diavolo, has spoken to 7 Gold about the sale.

“There’s an important advisor who presented this Chinese group at the end of a long negotiation. They’ve paid €100m and then another €100m.

“I think that’s the clearest proof of their genuine interest and desire to close the deal, then there have been events which we’ve needed to figure out along the way.

“Because of regulations from the Chinese government, we reached the closing and then there was a break. My brother’s correct attitude is to give them a week to raise €100m and another month to close the deal.

“My view is that if they pay €300m and then in a month aren’t able to conclude the deal, we’d take the €300m and keep running Milan as the Berlusconi family.

“I’d still close the deal with the Chinese, but at the same time I’d leave the door open.”

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