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AC Milan On The Market Longer Due To Lack Of Money

Published on 2 March 2017 in News - Pages by Raffick Marday

AC Milan Set To Be On The Market Longer Due To Lack Of Money

AC Milan, a professional football club in Italy, has been on the market for long. There were reports that a Chinese-based company was planning to buy this Italian soccer team but this is not likely to happen soon. A reliable source says that the company may not have enough money to complete the deal.

Earlier this year, Sino-Europe Sports Investment Management Changxing Company agreed to purchase AC Milan from the former Prime Minister of Italy and Italian media mogul Silvio Berlusconi for U.S. $770 million (740 million Euro). The company agreed to close the deal on 3rd March after previous delays.

The recent reports in Italy claim that the Italian media mogul is considering accepting ($105 million (100 million euro) as a non-refundable deposit to give the Company more time to look for money to complete the deal.

The $770 million price tag includes the $231 million of the club’s debt, $336 million additional equity and $210 million which the company has already paid.

According to the article published at Bloomberg, "Fininvest SpA, the former Prime Minister’s holding company, is considering giving the company more time until the end of March in return for another non-refundable deposit.

A reliable source who asked not to be identified claims that Sino-Europe Sports Investment Management Changxing Company does not have the money to close the deal after another delay.

A year ago, Silvio Berlusconi sold almost half of the club’s shares to BeeBee Taechaubol, a respected Thai financier. The deal was supposed to give the club financial power but turned into a nightmare.

For the 2015-2016 Season, Deloitte reported that the soccer team’s revenue increased from $209 million to $225 million. The auditing giant also reported that the club fell to their lowest position ever after only a small increase in revenue in the same year.

Also Read

Chinese giant Ant Financial Buys U.S. firm MoneyGram for $880 Million

News broadcasted recently by CNN reveals that Ant Financial will buy MoneyGram for $880 Million. The later is a global money transfer company based in the United States but send money within the US and to other countries.

Ant Financial, a Chinese financial services giant is a subsidiary corporation under Alibaba Group Holding Limited, a global conglomerate founded by Chinese billionaire Jack Ma.

Immediately the purchase deal was announced last week on Thursday, MoneyGram stock increased by 10%.

The purchase deal is expected to be the first test on how serious the recently inaugurated US Trump is about halting or restricting money transfers to Mexico.

Trump has already signed a series of executive orders authorizing the construction of a multi-billion physical wall on the US-Mexico border. Trump had said during his presidential campaign that he would consider halting or levying huge amounts of taxes should Mexico decline to pay for the wall.

Last week, Mexican President Enrique Pena Nieto canceled a previously scheduled meeting with Donald Trump after the news broke that the US will force Mexico to cater for the full expenses of building the wall.

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