Former Italian Prime Minister Silvio Berlusconi has sold club AC Milan to a Chinese consortium, he told the press on Tuesday.

"Milan has now embarked on this path towards China," he said in a video posted on La Gazzetta dello Sport's website. "It's an important decision to give AC Milan to someone able to make it be a protagonist in Italy, Europe and globally."

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The 79-year-old business mogul refused to divulge the investor's identity but hinted that it was "a Chinese company with public capital."

The Chinese consortium is set to acquire 80 percent of the club's shares before they eventually take over the remainder.

Berlusconi said that he "gave up all claims to the price... [and] accepted what was offered." But, he demanded that the Chinese consortium invests about $450 million over the next two years, valuing the Serie A team at an estimated $828 million including debts, according to BBC.

Meanwhile, the terms of the deals are still being finalized.

Bloomberg reported that two insiders familiar with the matter said the agreement is unlikely to be finalized until next week at the earliest, as there are still some other details that need to be finished.

The deal comes just weeks after a 70 percent stake of local rival club Inter Milan was sold to Chinese electronics retailer Suning Commerce Group Co. Ltd.

In June 2015, Thai businessman Bee Taechaubol attempted to purchase 48 percent of AC Milan's stake. However, Bee failed to find financing after China's Citic Group Corp. pulled out.

TagsSilvio Berls, AC Milan, AC Milan rumors