Chinese state broadcaster CCTV5 has allegedly confirmed the sale of the 99.93 percent stake of AC Milan to a Chinese group Sino-Europe Sports.

Chinese media has reportedly been invited to a press conference for the said takeover in Beijing in the coming days. Sino-Europe has been eyeing on the Rossoneri from Silvio Berlusconi and his Fininvest holding company.

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Berlusconi has also purportedly parted with the entirety of his Milan shares. The team's board of directors has agreed to close the transaction on either March 1 or 3. Both parties will reportedly meet on both dates to tackle about transfer of powers to the new board. The sale will also be finalized and signed.

Meanwhile, Calciomercato reported that AC Milan's fight against Fiorentina on Sunday will be the last for Berlusconi after having ruled the club for more than three decades.

La Gazetta dello Sport as cited by Pianeta Milan reported that the club's acquisition should no longer face any bureaucratic problems. Sino-Europe is poised to pay the remaining $339.6 million next month.

On the other hand, identities of AC Milan's mysterious new owners are finally starting to come out. China Huarong Asset Management is reportedly one of the companies involved in the deal, according to the Italian paper.

Moreover, Li Yonghong and Han Li are also likely to be designated as the new board of directors together with two other Chinese representatives whose identities are not known yet. Marco Fassone will also be on the new board of directors list as the previous Inter representative will replace Adriano Galliani as the new CEO of the club.  

TagsAC Milan, Football, Sino-Europe Sports, Silvio Berlusconi