The €740 million sale of AC Milan to Rossoneri Sport Investment Lux, led by Chinese businessmen Yonghong Li and Han Li, has been finalised.
Confirmation of the deal -- the first time in 31 years that the Serie A giants have changed hands -- came after almost two years of negotiations.
It means former Italian Prime Minister Silvio Berlusconi has relinquished control after over three decades at the helm and comes after previous delays.
The sale -- first announced in May 2016 -- was twice postponed because of funding complications, but a loan has enabled Rossoneri Sport Investment Lux to meet its obligations.
"Today Fininvest has completed the sale of the entire stake owned in AC Milan -- equal to 99.93% -- to Rossoneri Sport Investment Lux," read a statement on the club's official website.
"The closing is the last step of the purchase agreement signed on August 5th 2016 and renewed on March 24th by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.
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