MILAN: Italian former prime minister Silvio Berlusconi finalized his troubled sale of soccer club AC Milan to a Chinese-led consortium on Thursday, a 740 million euro ($788 million) deal that tightens China’s grip on the game in Italy.
The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group’s purchase of local rivals Inter last year. A Chinese firm also underwrites the media rights to the top league, Serie A.
It is the end of an era for Berlusconi, who bought the club in the 1980s and swiftly turned it into the top team in Europe as well as using it as a platform along with his media empire to help launch his political career.
In a joint statement, Berlusconi’s holding Fininvest said it had sold its entire stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, a company controlled by investor Li Yonghong which replaced the original Chinese bid vehicle.
The 740 million euro price tag includes 220 million euros in debt. The buyers, who paid a final tranche of 370 million euros on Thursday, committed to a significant recapitalization and financial strengthening of the club, the statement said.
“Its supporters have long hoped for AC Milan to be restored to former glory,” Li told Chinese website Sina Weibo.
“Today we completed a key step in that path to rejuvenation, and into the future we will continue to push steadily ahead and bring this legendary team back to the summit of the world.”
Berlusconi, 80, is selling because he was unwilling to stump up the extra money required for the team to compete with the continent’s top clubs, many now bankrolled by wealthy Gulf and Asian owners.
“After more than 30 years I am ceding ownership of Milan and stepping down as president. I am saddened and moved, but aware that modern soccer requires investments and resources that a single family cannot sustain on its own,” Berlusconi said.
He had agreed the deal to sell AC Milan last August, but the transaction ran into trouble and took longer than expected to complete as Beijing cracked down on non-strategic foreign acquisitions, especially vanity deals in the sports industry.
US private equity fund Elliott came to the deal’s rescue at the 11th hour last month, agreeing to lend money to Rossoneri Sport Investment.
The vehicle received 180 million euros from Elliott and another 140 million euros from China’s Huarong, said a source familiar with the transactions.
A further 50 million were paid by Li, the source added.
The consortium’s full membership has not been made public.
AC Milan is second only to Real Madrid in the list of winners of Europe’s top club competition, but it has failed to win any major silverware since 2011 and is lying sixth in Italy’s Serie A top division.
The club, which reported a loss of 93.5 million euros in 2015, needs to fund the purchase of match-winning players as well as invest in its brand at home and abroad.
It has not yet disclosed its 2016 accounts, but a source familiar with its finances said it lost 70 to 80 million euros.
AC Milan’s new owners offered Berlusconi the chance to stay involved in his cherished club as honorary president but he declined.
Elliott’s financing deal totals 300 million euros, including a cash injection into AC Milan itself, and carries an average interest rate of just under 10 percent.
End of Berlusconi era as Chinese group buys AC Milan
End of Berlusconi era as Chinese group buys AC Milan
Saudi rally driver sets her sights on the fast lane
- With podium finishes at home and ambitions abroad, Mashael Al-Howaish is ready for the next race
- Rally Jameel remained a defining chapter in Al-Howaish’s journey, exposing her to the demands of desert racing and pushing her beyond familiar limits
MAKKAH: What began as a chance encounter with motorsport has evolved into a growing rallying career for Saudi driver Mashael Al-Howaish.
With a growing list of domestic achievements and ambitions that extend beyond the Kingdom’s borders, Al-Howaish is carving out her place in a discipline defined by endurance, precision and mental resilience.
Her first exposure to rally driving came as she emceed the second Rally Jameel in 2023, the region’s first women-only navigational rally.
Witnessing the participants’ determination and competitiveness sparked Al-Howaish’s curiosity about motorsport and encouraged her to explore the possibility of competing herself.
A recommendation from Saudi rally driver Abdullah Bakhashab opened the door to her first professional opportunity with Lexus, marking the start of her rally career during the fourth Rally Jameel in 2024.
That quickly translated into results. As a Lexus team driver, Al-Howaish secured first place in her category and sixth overall among more than 40 participants.
Rally Jameel remained a defining chapter in her journey, exposing her to the demands of desert racing and pushing her beyond familiar limits. She continued to compete in subsequent editions, later earning second place overall and first in her category, before taking part in events at other race circuits across Saudi Arabia and the wider Middle East and North Africa region.
Despite entering a traditionally male-dominated sport, Al-Howaish says she did not perceive her path as a challenging one.
Instead, she highlights the extensive support she received on multiple fronts, from Saudi Arabia’s leadership and the Saudi Automobile and Motorcycle Federation to corporate backing from Lexus.
She also credits her family, particularly her mother, for playing a vital role in shaping her confidence and determination long before she entered competitive racing.
Among her domestic successes, Al-Howaish considers her Time Attack victory in Jeddah last year as one of the most significant milestones of her career. One of her earliest races, it saw her progress steadily to first place in the Women’s Cup, reinforcing her belief in her own capabilities.
Another pivotal moment came in 2024, during the Racing Hill Climb, where she raced on mountainous terrain for the first time in Taif. The unfamiliar conditions tested her technical skills and adaptability, ultimately accelerating her development as a driver.
Competing at a high level has reshaped Al-Howaish both on and off the track. Racing alongside experienced champions has, she says, been both humbling and motivating.
Over time, she has developed a deeper understanding of the technical side of motorsport, spending increasing amounts of time studying vehicle dynamics and kinematics to better synchronize her driving style with the car. Personally, the sport has made her more confident in facing uncertainty, strengthening her ability to approach new challenges with focus rather than fear.
Al-Howaish is often viewed as a role model for Saudi women entering motorsport, something which makes her feel humble. She says she would be honored to inspire just one woman but believes role models exist across all levels of the industry. For her, progress comes from observing the strengths of others and applying those lessons to one’s own journey — a philosophy she sees as relevant far beyond motorsports.
Managing pressure and risk is an integral part of rallying, and Al-Howaish relies on preparation and composure to navigate intense stages. Planning ahead helps her mitigate challenges, while calm decision-making becomes crucial when conditions change unexpectedly.
In a sport where every second counts, she emphasizes that clarity and decisiveness often make the difference between success and setback.
Looking ahead, Al-Howaish has set her sights firmly on international competition. She aims to compete in the Middle East Rally Championship and hopes one day to line up at the start of the Dakar Rally in Saudi Arabia.
She is also eager to explore other racing formats, viewing the learning process itself as one of the most rewarding aspects of her career.
To young Saudi women who aspire to follow a similar path but hesitate because they fear failing, Al-Howaish offers a simple word of advice — start.
She believes progress begins with the first step, learning through experience and allowing confidence to grow over time.
In a rapidly evolving motorsports scene, her journey stands as a reflection of what is increasingly possible in Saudi Arabia — both on the road and beyond it.
