According to the announcement, made by Fininvest, the club is valued at 740 million euros (820 million dollars). The Chinese consortium, whose identity remained undisclosed during negotiations, includes some unnamed companies controlled by the Chinese state, as well as management companies and investment funds.

The 79-year-old billionaire and former Italian premier has been the owner of the Italian giants since 1986. It is said that the new owners were obliged to invest at least 350 million euros within the first three years of their tenure as owners.

AC Milan is not the only European club to move into Chinese ownership today, as English side West Bromwich Albion confirmed today a takeover of the club by Yunyio Goukai Sports Development, controlled by businessman Guochuan Lai.

“I am excited and privileged to have the chance to become the new owner of this great club,” said new owner Lai, adding that no changes will be made to the club's “ethos.”

The two deals come as interest in football is growing in China. Milan's other club Inter was recently bought by a Chinese retailer, and clubs based in the country are also spending large amounts of money on signing top European players, outspending major European leagues during the last January transfer window.