Rs 5000 cr takeover bid for AC MILAN delayed once again

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The takeover of AC Milan by a group of Chinese investors has been put back once again with the final funds not arriving by the latest deadline.

Milan’s general manager Adriano Galliani confirmed to shareholders at a meeting, when the takeover was due to go through, that there were still complications regarding the sale of the club.

“The negotiations with SES [Sino-Europe Sports] are not complete,” Galliani said. “The completion of the deal, therefore, will not take place today, as initially planned.

“I cannot say at what stage we are and what the future of AC Milan is. Milan do not feel like they are being taken for a ride. Fininvest [Milan’s current owners] are fulfilling their duties. They are seeking an agreement with SES as soon as possible.”

No date or any further details were given as to when the takeover is now expected to go through, although an official announcement was expected last week, after the shareholders meeting concluded.

The Serie A club signed a preliminary agreement with SES last August for a deal worth in the region of €740 million.

Two down-payments of €100m have already been made with SES already obtaining one extension for the completion of the deal, which was first expected to happen in December before being put back to March 3.

It has been reported in Italy that the deal is on the verge of collapse with SES unable to find the necessary funds to complete the acquisition of the Rossoneri, although current club president Silvio Berlusconi has repeatedly said that the deal will go through to bring an end to his 30-year ownership of the club.