The club is valued up to €750m including debt

Italian Prime Minister Berlusconi has sold Serie A football club AC Milan to a Chinese consortium.

The Chinese investors are set to pay at least €400m over the next two years, valuing the club up to €750m including debt.

Berlusconi, who owns the Serie A team, made the remarks to local newspapers on Tuesday.

“Milan has now embarked on this path towards China,” the PM said.

Berlusconi has served as PM four times and has been convicted of tax fraud and bribery. The 79 year old’s family holding company Fininvest entered into exclusive talks with the Chinese consortium in May. The investors are looking to buy 80% of the club immediately before buying up the remaining percentage.

Reuters reports that the deal might result in the club being listed in China.

AC Milan is one of Europe’s top football clubs, but is looking for new capital investment to compete stronger against its football rivals. The club did, however, make a loss of €93.5m last year.

Last year, the PM almost sold a majority stake in the club to a Thai investor but changed his mind.

Upon completion of the transaction, AC Milan will join a number of European teams that are owned or funded by wealthy Asian or Middle Eastern investors or companies. Last month, Inter Milan was sold to Chinese electronics retailer Suning Commerce Group whilst Dr Tony Xia bought recently relegated British Championship club Aston Villa for £76m.