A consortium of Chinese investors will pay $819 million to buy Italian A.C. Milan soccer team. The consortium plans to buy 99.93 percent of AC Milan's shares, putting an end to Silvio Berlusconi's 30-year-long ownership of the Italian club.

A preliminary agreement signed on Friday will put an end to an "era in Italian soccer," local media reported.

Like Us on Facebook

Under the agreement, the club was sold by Berlusconi's family holding Fininvest to Chinese investors headed by Li Yonghog.

The Chinese investors, represented by Sino-Europe Sports Investment Management Changxing Company, agreed to pay $819 million for shares in the club.

In a statement, the Chairman of Sino-Europe Investment Management Company vowed to "carry out relevant capital increases and financial injections for the club."

"We have been negotiating with Fininvest for a long time, it was really hard," an insider told Xinhua. "President Silvio Berlusconi approved the preliminary agreement related to the sale of the entire stake of 99.93 percent held by Fininvest in the AC Milan," Fininvest said.

The agreement was signed by Fininvest managing director Danilo Pellegrino, and the representative of the Chinese investors, Han Li, after the Chinese the lawyers of both parties worked out the details of the agreement.

"Our plan almost went flat several times. We carried on until the end." an insider said.

TagsAC Milan, AC Milan rumors, Silvio Berlusconi, Sino-Europe Sports Investment Mnaagement Company, AC Milan Sale, Chinese busienssmen buy AC Milan