Silvio Berlusconi’s holding company has agreed an exclusive negotiating period with a group of Chinese investors who are seeking to buy a controlling stake in Milan.

The agreement was an-nounced following a board meeting of Fininvest, the Berlusconi family holding company, yesterday. According to reports, the exclusivity period has been set at 45 days.

The Chinese group are understood to value the club at €700 million and are seeking to buy a 70 per cent stake.

Milan were the subject of a takeover attempt from Thai businessman Bee Taechaubol last year, but Berlusconi ultimately decided he did not want to give up his controlling interest.

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