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by Alessandra Cardone
ROME， Aug. 5 (Xinhua) -- A consortium of Chinese investors agreed to buy Italian A.C. Milan soccer team， putting an end to the 30-year-long ownership of Silvio Berlusconi and to an ""era in Italian soccer""， local media wrote on Friday.
The historic football club was sold by Berlusconi's family holding Fininvest to Chinese investors gathered into Sino-Europe Sports Investment Management Changxing Company for some 740 million euros (821 million U.S. dollars)， according to a statement by the company.
The total value of the purchase included some 220 million euros of debts.
""President Silvio Berlusconi approved the preliminary agreement related to the sale of the entire stake of 99.93 percent held by Fininvest in the AC Milan，"" Fininvest said.
The binding agreement was signed by Fininvest managing director Danilo Pellegrino， and the representative of the Chinese investors， Han Li， and would be finalized by the end of 2016.
With the signing， the Chinese purchasers committed to ""carry out relevant capital increases and financial injections for a total amount of 350 million over a period of three years.""
""The Chinese consortium included Haixa Capital， the State Development and Investment Corporation (SDIC)， and Yonghong Li， Chairman of the management company and main sponsor of the investor group， with whom Fininvest has been negotiating for some time until today's signing，"" Fininvest also stated.
With the takeover， Milan's both football teams have now a Chinese ownership. In fact， Chinese retail giant Suning Commerce Co Ltd agreed to take control of 68.55 percent of Inter Milan， the main city rival of A.C. Milan， for some 270 million euros in early June.
Italian media saw it as a dramatic shift in Italian football. They also recalled A.C. Milan team's successful path under Berlusconi， who had bought it in 1986.
""Under Berlusconi's leadership， the club won 28 competitions， hired 10 Golden Ball (winners)， and showed spectacular soccer in Italy and Europe，"" Italy's main sport newspaper La Gazzetta dello Sport said.
The sport outlet devoted much attention also to the details of what it called ""a dramatic turn of events""， referring to the fact that a different group of Chinese investors， instead of those who had started negotiations， eventually signed the deal.
""The new Chinese consortium was born out of a split among the six original investors，"" it wrote.
The original group registered an irreconcilable rift on issues related to the A.C. Milan governance some 10 days ago， and ""three of the investors preferred to take a separate path by creating the vehicle called Sino-Europe Investment Management Changxing，"" according to the sport daily.
""Both Milan's soccer teams are now controller by Asian owne. Hockey Jerseys China Wholesale Jerseys China Cheap Wholesale NHL Jerseys China Wholesale NFL Jerseys Cheap Wholesale NCAA Jerseys Free Shipping Wholesale College Jerseys Cheap Wholesale NBA Jerseys Cheap Wholesale Swingman NBA Jerseys Wholesale Baseball Jerseys Cheap NBA Basketball Jerseys