August 12 – The Chinese buyers of Italy’s AC Milan have named Marco Fassone, former Juventus and Inter Milan general manager, as chief executive once their takeover has gone through.
Sino-Europe Sports Investment Management Changxing, the vehicle used by the investors to acquire AC Milan, said Fassone would be CEO and managing director once the deal closed.
“Marco Fassone will be the new general manager and executive director of Milan, once the transfer of the ownership from Fininvest to the Sino-Europe Sports Investment Management Changxing is complete,” said the new owners in a statement published in China.
The Chinese consortium, led by investment fund Haixia Capital and Yonghong Li, signed a preliminary agreement last Friday with former prime minister Silvio Berlusconi, the club’s owner for 30 years.
The acquisition values AC Milan at €740 million, including €220 million of debt.
Both Milan clubs are now under Chinese ownership with Suning Commerce Group Co acquiring 69% of Inter Milan in June for €280 million as part of an overall €750 million deal.
AC Milan is reckoned to be the 14th wealthiest club in Europe according to Deloitte’s rankings but reported a loss of €93.5 million last year and badly needs investment to get back on a par with other top European clubs.
Although they have been European champions seven times they have failed to win any major silverware in the past five years.
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