March 25, 2017 / 6:07 PM / 4 months ago

Chinese investors create new firm to finalise purchase of AC Milan

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The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015.Stefano Rellandini/File Photo

ROME (Reuters) - Chinese investors set to buy AC Milan have created a new company structure in Luxembourg to finalise acquisition of the Serie A soccer club, a spokesman for the consortium said on Saturday.

Rossoneri Sport Investment Lux will replace the Chinese bidding group, identified by AC Milan's owners as Sino-Europe Sports Investment Management Changxing Co Ltd, the spokesman said in a statement, adding that the new entity was controlled by investor Li Yonghong.

The company is "completely external to China", the statement said. The accord - originally inked in August and expected to be signed off first in December and then in March - is set to be finalised on April 14, the statement added.

The original agreement values the club at 740 million euros ($780 million) including 220 million euros of debt.

Reporting by Crispian Balmer; Editing by Giselda Vagnoni

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