By Andrew Warshaw
August 5 – Asian investors’ increasing involvement in snapping up Europe’s most glamorous clubs has taken another significant leap after AC Milan president Silvio Berlusconi agreed to sell a 48% stake to Thai property tycoon Bee Taechaubol (pictured).
Milan have thus followed the example of neighbours Internazionale where the Moratti family sold a significant stake to Indonesian businessman Erick Thohir.
Taechaubol runs the Thai Prime private equity group and is believed to have paid €480m for the stake. He posted a message on social media which read: “A great honour to complete the AC Milan agreement with president Berlusconi, a phenomenal leader.”
As part of the deal Berlusconi will retain control of the club and remain as president.
“For now it’s a deal that must be confirmed but it’s good for Milan,” Berlusconi was quoted by the ANSA news agency. “We want to move forward and make Milan a contender again.”
Berlusconi took over Milan in 1986 and presided over their most successful era as the team won 28 trophies, including eight Serie A titles and five European Cups. But in recent years the silverware has dried up as Milan’s form dipped, the club finishing a distant 10th in the table last season, failing to qualify for Europe for the second successive time.
Talks began in early June and Fininvest, the holding company for Berlusconi’s business interests, said in a statement that Berlusconi and Taechaubol “will work together to build a great and ambitious project to return Milan to the top level of Italian football.”
“A deadline of September 30 has been set for the transfer of the stake and payment of the €480 million,” a Fininvest spokesman told Reuters. Milan have reportedly racked up debts of €250 million and lost €91 million last year. In an interview with Mediaset, also owned by Berlusconi, Taechaubol added: “We agree we want to grow Milan even more around the world. “
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