Li Yonghong completes purchase of AC Milan

After the buzz and action earlier - we are delighted to be able to confirm that the sale of AC Milan has gone through. After months of delays, numerous rumours and scares, a lack of cash and now this, we can actually say that the takeover of AC Milan has happened. As of today, a new board will be assembled to lead AC Milan and ideally, the club will be invested in to launch a new era of the football club.

Li Yonghong has given his all in multiple attempts to buy Milan - after his SES group collapsed, but now his new consortium - Rossoneri Sport Investment Luxembourg (likely named and incorporated in such a manner to avoid further scrutinisation by the Chinese government - a major roadblock in this deal). Li flew into Milan yesterday and has paid €190 million in addition to another payment of €180 million, which was loaned to the group by Elliott, a US fund. This package was completed by the previous payment of €250 million which served as a down payment to give Li time to arrange funds and purchase Milan.

Silvio Berlusconi and Adriano Galliani are all but to set to leave Milan behind with Li and David Han Li set to take the reigns. With the new owners taking charge for the derby against Inter on the weekend, there could not be a more intense way to start!