Fininvest, the Italian owner of AC Milan, has confirmed it has closed a deal to sell the football club to Rossoneri Sport Investment Lux – a company linked to Chinese businessman Yonghong Li.

Fininvest, which is the family investment company of former Italian prime minister Silvio Berlusconi, said in a statement it “had “completed the sale of the entire stake owned in AC Milan – equal to 99.93 per cent – to Rossoneri Sport Investment Lux.

Earlier news reports said the deal was backed by Elliott Management, a US hedge fund, with the new buyers planning to list in Hong Kong. The takeover was first agreed in August last year. Thursday’s statement said the terms were unchanged – and valued the club at €740m including debts of €220m.

The statement also said “buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan’s financial structure”.

On Friday AC Milan’s shareholders meet to agree the appointment of “new governance bodies” for the company, the statement said.

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