AC Milan Sold to Chinese Investment Group: Latest Details, Comments, Reaction

The sale of Serie A giants AC Milan to a Chinese investment group finally took place on Friday, as Fininvest sold its stake of 99.93 per cent in the club. 

According to an official press release, Fininvest values Milan at €740 million, in addition to some €220 million worth of debt. AC Milan Club of NYC shared the official statement:

The sale brings an end to the Silvio Berlusconi era, which was one of the most successful in the club's history. Berlusconi saved the club from bankruptcy in 1986 and signed club icons such as Marco van Basten and Ruud Gullit, building one of the most dominant sides European football has ever seen.

The Rossoneri won five European Cups and UEFA Champions League titles during his presidency, but the club suffered a sharp decline after their Scudetto win in the 2010-11 season.

Andrew Medichini/Associated Press

While rivals Juventus flourished under manager Antonio Conte, Milan took several steps back over the course of just a few seasons, culminating in last year's seventh-placed finish, which meant the club wouldn't even qualify for the UEFA Europa League.

Major changes were expected, and David Amoyal of Gianluca Di Marzio's website believes they are for the better:

The full contract of the sale won't be closed until the end of this year, and in all likelihood, the influx of cash will not lead to any major signings during the summer transfer window. Milan will have a €100 million deposit to work with, and new players are expected, but for now, the bigger stars will have to wait.

Per Calciomercato.com, the purchase of defender Gustavo Gomez is imminent, and the Paraguayan will be the first signing of a new era for the Rossoneri.