U.S. investor to aid AC Milan's Chinese takeover with around €300M

The stuttering takeover of AC Milan is set for a helpful push from United States-based private equity fund Elliott, lawyers representing the club and the main Chinese investor told Reuters.

Silvio Berlusconi's three-decade long ownership of the Rossoneri appeared to be reaching its end in August, but the Chinese investor's failure to gather the full sum required - understood to be €740 million including debt - has resulted in two postponements of the deal.

This latest development could see the takeover completed for the latest April 14 deadline, with Elliott prepared to offer €180 million to complete the transaction, and €73 million to help AC Milan cover short-term costs, according to a lawyers' statement.

Sources told Reuters that an additional €50 million could be made available to invest in the club, bringing Elliott's interest to just over €300 million.

Berlusconi vowed to give the Chinese consortium extra time to complete its takeover earlier in March, but his son said his 80-year-old father would retain ownership of the club if the deal fell through - something which wouldn't be met with great enthusiasm by the Rossoneri fan base.

A year after purchasing the club in 1986, Berlusconi made the rather unheralded appointment of Arrigo Sacchi, which ushered in the most successful period of AC Milan's history. Through Sacchi's tactical expertise, the club enjoyed European supremacy which was then improved further through the subsequent appointment of the more pragmatic handler Fabio Capello.

As Berlusconi put greater emphasis on his political work, other business interests, and social life, however, the former Italian prime minister's influence on AC Milan waned.

The outfit is currently in its third consecutive campaign without Champions League football and, despite the exciting throng of youngsters emerging in the first-team squad, additional transfer funds would be greatly appreciated to ensure AC Milan can compete with rivals Juventus, Inter Milan, Roma, and Napoli.