AC Milan may get a Chinese touch

AC Milan may get a Chinese touch

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Chinese dealmaker Sonny Wu, whose business holdings span renewable energy and lighting, is leading the proposed takeover of storied Italian soccer team AC Milan, people in the know said.

Wu’s private equity firm GSR Capital is the main investor in the consortium that is in advanced talks to buy AC Milan from Silvio Berlusconi’s Fininvest S.p.A, according to the people. The Chinese businessman, who led two failed attempts to buy Royal Philips NV assets in the last 18 months, is valuing the soccer club at about 750 million euros ($825 million) including debt, one of the people said, asking not to be named because the discussions are private.

Steven Zheng, a Chinese businessman with solar power interests, is also part of the buyer group, the people said. The deal will involve new sponsorship agreements with the seven-time European champion, according to one of the people. Berlusconi, the former Italian premier, said this month he had reached a deal in principle with the Chinese consortium without identifying its makeup. Read More

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