April 13, 2017 / 12:31 PM / 3 months ago

Chinese investors complete deal to buy Italy soccer club AC Milan

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MILAN, April 13 (Reuters) - Italian former prime minister Silvio Berlusconi finalised his troubled sale of soccer club AC Milan to a Chinese-led consortium on Thursday, a 740-million-euro ($788 million) deal that tightens China's grip on the game in Italy.

The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group's purchase of Milan rival Internazionale FC last year.

A Chinese firm also underwrites the media rights to the top league, Serie A.

In a statement, Berlusconi's family holding Fininvest said it had sold its entire 99.93 percent stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, the company that replaced the original Chinese bid vehicle. (Reporting by Elvira Pollina, editing by Silvia Aloisi and Crispian Balmer)

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