Fininvest and Taechaubol release statement regarding AC Milan sale

AC Milan president Silvio Berlusconi has agreed to sell 48 per cent of the club to Thai businessman Bee Taechaubol after a deal was struck on Friday evening.

The deal is thought to be worth around €480 million with the Rossoneri owner having put a  €1 billion valuation on the club, and the agreement should be rubber stamped over the next eight weeks.

“President Silvio Berlusconi has approved the agreement signed by the Fininvest managing director Pasquale Cannatelli and Mr. Bee Taechaubol that plans to negotiate exclusively for a period of eight weeks over a partnership with AC Milan,” a joint statement from Fininvest and Taechaubol confirmed.

“During this time, Silvio Berlusconi, who will continue to remain as President, and Mr. Taechaubol will work together on a great and ambitious economic and sporting project to take Milan back to the highest levels of Italian and international football that are in line with the club’s history, prestige and results.

“As part of this, the draft agreement, which will be examined in detail, foresees that control of the club remains in the hands of President Silvio Berlusconi and Fininvest, which will have an absolute majority share of 52 percent. The consortium represented by Mr. Taechaubol will acquire instead a minority stake of 48 percent.

“The draft agreement has as its objective the promotion and commercialisation of the AC Milan brand, in particular in Asian countries, in order to receive a large boost in revenue and consequently the financial resources needed to take, thanks to a decisive technical and sporting project, AC Milan back to competing with the established clubs in world football.”

The 78-year-old has been in talks with the Thai businessman for the past few months and is delighted a deal has been struck.

“I’m happy with the deal and it allows me to hold on to the majority of the shareholding and the Presidency,” Berlusconi told reporters after the meeting.

“Mr. Taechaubol is someone who knows the Asian markets and will help develop the commercial brand of AC Milan there.”