DPA/Rome


Negotiations on the sale of Serie A club AC Milan to a group of foreign investors continued with another meeting yesterday as owner Silvio Berlusconi said he could retain a majority of the shares.
“Everything is being discussed. It is possible that I maintain 51 per cent of the club,” local media quoted Berlusconi as saying after talks with Thailand businessman Bee Taechaubol. “I found Mr Bee to be a very serious person, who respected all the technical aspects that can lead to the drawing of a contract. We had this meeting. We set another at a later date in order to define every aspect. Mostly as the future of Milan is concerned.”
Taechaubol, who represent ADS Securities, a financial firm based in Abu Dhabi, and China CITIC Bank had a first meeting on Wednesday at the Berlusconi residence in Arcore, near Milan. He is said to have offered 500 million euros (556 million dollars) to acquire 51 per cent, or possibly more, of the club shares. The club is estimated to be worth between 1 and 1.4 billion euros.
A recent board meeting set losses for 2014 at 91 million euros. Total debts are said to exceed 250 million euros. Under Berlusconi’s 29-year tenure, the club won eight Serie A titles and lifted five of its seven European Cup titles.
With five games left in the current season, the Rossoneri sit 10th, eight point away from the Europa League zone. “My greatest interest is to give the fans the certainty that the new situation can give Milan a future that matches their glorious past,” Berlusconi said. “Mr Bee has become a friend and we think we can do good things continuing on with our contacts.”
Taechaubol thanked Berlusconi and said that “there is still to work on the details, but we hope to close soon. I cannot talk about figures. There are several legal and financial operations to be set up.”
A group of Asian investors, led by Hong Kong entrepreneur Richard Lee is also said to be interested in buying shares of the Italian club.