NewAre AC Milan set to be taken over by Chinese group led by Hong Kong businessman?

AC Milan owner Silvio Berlusconi could sell the club to a group with direct links to the Chinese government led by a Hong Kong businessman, reports in Italy claimed – though leading drinks maker Hangzhou Wahaha denied rumors that it is involved.

The latest reports quoted Berlusconi as saying “the sale of 75 percent of the club to the Chinese has been done”. The remarks, according to Askanews, were made by Berlusconi on Tuesday night during a private event.

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The respected Gazzetta dello Sport was among several media outlets to report the story and the Italian sports daily said the 75 per cent stake could sell for between 1-1.5 billion euros.

According to Gazzetta, the push to buy has come directly from the Chinese government as they look to boost soccer in the country.

And Gazzetta says Richard Lee, a Hong Kong businessman whose company import Ferraris and Maseratis, has met with Berlusconi and is leading negotiations.

The report added that Berlusconi has demanded that his daughter Barbara, currently a joint CEO of the club along with Adriano Galliani, remains as the club’s administrator in any future deal.