Thai businessman Bee Tae-chaubol will be in Milan this week as talks to buy 48 per cent of top-flight Italian club Milan reach their end-of-the-month deadline for agreement, a source close to the matter said yesterday.

Former prime minister Silvio Berlusconi, who has owned the Milan club since the 1980s, approved an outline deal early in June to sell just under half the club to a group of investors led by Taechaubol for €480 million ($533 million).

Taechaubol was then given eight weeks of exclusive negotiations to finalise the deal, which aims to relaunch the Milan brand, especially in Asia, and boost its revenues.

The exclusive talks are due to expire on Friday.

Milan, seven times European champions, has been a central part of Berlusconi’s media and political empire for three decades. But it has lost some of its shine in recent years and has been unable to compete with richer European rivals.

Some Italian media have said that Taechaubol, executive director of private equity group Thai Prime, will eventually take a majority stake.

Berlusconi owns Milan through his Fininvest holding company.