A leading Chinese conglomerate is on the final stage of acquiring the famous Italian football club AC Milan, currently owned by former Italian Prime Minister Silvio Berlusconi.

The name of the Chinese conglomerate is still unknown, but it is believed to have a huge interest in renewable energy and media industries.

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People familiar with the matter revealed that the Chinese company and Berlusconi's Fininvest Spa have agreed on all the key terms. The deal is expected to be sealed by the end of June.                

The company is reportedly targeting a 50 percent stake which could further increase to 70 percent in the coming quarters. The financial details of the deal have not yet been revealed to the public.

Berlusconi has owned AC Milan for almost 30 years and is selling his stake at a time when the club is going through the lowest phase of its history. Once hailed as one of the successful clubs in Italian and European football, today AC Milan is languishing at 6^th position in the Serie A league table.

The last big silverware that AC Milan won was 2010-11 Serie A Championship. The team has since been on a downfall.

The AC Milan deal will mark the second big acquisition by a Chinese conglomerate in European football. Last year, China Media Capital Holdings bought a substantial stake in Manchester City Football club, becoming the first ever Chinese company to invest in European football club.

China is currently witnessing a renaissance in football, spurred largely by President Xi Jinping who is an avid football fan. Xi has been taking a special interest in the development of Chinese football, with the aim to transform China into a football superpower in the coming decades.

TagsAC Milan, Chinese football