Chinese consortium linked to Milan bid
Print Edition
A CHINESE company has launched a crowdfunding initiative to raise at least one billion euros (about US$1.08 billion) to buy Italian club AC Milan.
Fu Yixiang, vice president of the Italy-China Chamber of Commerce, said five companies have been linked to a possible takeover of the club. Four are based in China — beverage maker Wahaha, real estate developer Wanda, telecommunications giant Huawei and e-commerce magnate Alibaba. The fifth interested party reportedly is a Thai company.
Fu said no single company was willing to pay 1 billion euros for the club as making a quick profit from the investment was nearly impossible.
“So, a crowdfunding move was under way in China,” said Fu. “A consortium formed by several big companies will pay half of the 1 billion euros and the other half will be raised through crowdfunding with one share expected to cost no more than 10,000 yuan (about US$1,600),” he added.
Speculation has been swirling that Hong Kong billionaire Richard Lee is negotiating the purchase of AC Milan after being spotted with current owner Silvio Berlusconi last week.
“There are a lot of rumors like this every day,” said Fu. “Berlusconi wants to sell the club, it’s not a secret. But there is no consensus in the family on when to sell it. Some want to sell it as soon as possible because it is a financial burden, while the others prefer to keep it until the completion of the new stadium so that they can demand a high price.”
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