AC Milan’s Mati Fernandez celebrates scoring during a Serie A soccer match between Milan and Genoa at the weekend. China’s little-known Sino-Europe Sports said in August it had agreed to buy a 99.93 per cent stake in the Italian club for €740 million, but it could now have to kiss goodbye to the deal, after a warning from China’s foreign currency watchdog that he views foreign club acquisitions as little more that a front to shift assets out of the country. Photo: AP

China’s foreign exchange watchdog shows red card to overseas football club takeovers

Firms are using overseas club acquisitions as a cover to transfer assets overseas, says State Administration of Foreign Exchange head Pan Gongsheng

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AC Milan’s Mati Fernandez celebrates scoring during a Serie A soccer match between Milan and Genoa at the weekend. China’s little-known Sino-Europe Sports said in August it had agreed to buy a 99.93 per cent stake in the Italian club for €740 million, but it could now have to kiss goodbye to the deal, after a warning from China’s foreign currency watchdog that he views foreign club acquisitions as little more that a front to shift assets out of the country. Photo: AP
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