A leading Chinese consortium has agreed to acquire a 70 percent stake in Italian football club, AC Milan. Speculations have been already rife for over a month that a Chinese consortium is closing in on a takeover of AC Milan, which is owned by former Italian Prime Minister Silvio Berlusconi.

According to Chinese media, the Chinese consortium will also be buying the remaining 30 percent. Negotiations are reportedly already under way. Reports suggest that Berlusconi will continue to be president of the club for next two to three years until the remaining 30 percent is acquired.

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"If everything goes as planned, a final agreement will be reached by June 15-20, subject to any changes," an insider said.

The source added that AC Milan's management has asked the Chinese consortium to reveal the names of all the investors and the percentage that each investor intends to buy.

The exact amount of the deal has not been revealed, but reports in Italian media suggest that Chinese consortium would be paying close to 700 million euros ($782 million) for the entire club.

AC Milan's fortune has been declining over the years. Once a powerhouse in European football, the club has been reduced to a mid-table club over the past couple of seasons. It finished 7^th in the 2015-16 Seria A season.

The last big silverware that the club won was the 2010-11 Serie A Championship. The club's lack of silverware has greatly affected its financial fortunes, which is believed to be the main reason behind Berlusconi's decision to sell his stake in the club.

If this deal falls through, then it will mark the third big investment by a Chinese conglomerate in European football.  Last year, Chinese billionaire Wang Jianlin bought a 20 percent stake in Atletico Madrid and China Media Capital Holdings bought a substantial stake in English club Manchester City.

Tagschina, A/C Milan Club, Silvio Berlusconi, Chinese football