Shanghai based Sino-Europe Sports Group have completed their takeover of Italian giants AC Milan for £650M.
The protracted takeover has been rumoured since last summer, and means AC Milan join arch rivals Inter Milan in becoming the latest Serie A club to be bought by Chinese owners.
— Sky Sports News HQ (@SkySportsNewsHQ) April 13, 2017
China has become a footballing superpower in financial terms, luring some of the world's top talent to the Chinese Super League with astronomical wages. The purchase of Milan is a sign that Chinese investors want more than simply the Europe's best players, they also want it's biggest clubs.
Sino-Europe Sports Group are targeting heavy investment in the team in order to put AC Milan back amongst Europe's elite. The Rossoneri, previously owned by Silvio Berlusconi, have struggled in recent years, not winning the league since 2011.
AC Milan sold for €740m to Chinese consortium in biggest-ever Far East investment in European game https://t.co/CusetKdncr
— Indy Football (@IndyFootball) April 13, 2017
The seven-time European Champions were the dominant side on the continent under Carlo Ancelotti between 2005 and 2007. However, mounting debt and struggles on the pitch have reduced the once great club to a succession of mid-table finishes in recent years.
Sino-Europe Sports Group's first challenge will be to overhaul Juventus domestically. The Bianconeri are on course for their sixth consecutive Serie A title.
AC Milan currently sit sixth in the league table two points adrift of Atalanta, and a full ten points off of Napoli in the Champions League spaces.