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Chinese set to buy AC Milan – broker

A Chinese consortium, with big ambitions for AC Milan, should complete a takeover of the seven-time European champions within six to eight weeks, a broker acting for both parties said in reports on Saturday.

Published: 16 April 2016 13:39 CEST
Chinese set to buy AC Milan - broker
AC Milan's fans are thought to be very positive about the news. Photo: Giuseppe Cacace/AFP

If confirmed, it would prove a dramatic about-turn for Milan owner Silvio Berlusconi, who only weeks ago said he would not sell a majority share in the Serie A giants.

Former Italy Prime Minister Berlusconi has reportedly turned his attention away from Thai businessman Bee Taechaubol, with whom he has a preliminary agreement to release a minority stake in the Serie A giants, and is now examining an offer that would see the club — founded by English lace-maker Herbert Kilpin in 1899 — fall into Chinese hands.

In an interview with Gazzetta dello Sport on Saturday, the man brokering the deal between both parties — Italian-born American Salvatore Galatioto — said the deal could be sealed by the end of the current season.

Galatioto, considered one of the 50 most influential men in American sports, told the sports daily: “For obvious reasons I can't reveal the names of the interested parties. All I can say is that it is a very ambitious Chinese group which is very, very interested in the club.

“We have very interesting ideas and projects pertaining to the club, but first we have to strike the deal.

“I would say that if things go to plan, the deal could be concluded in six to eight weeks.”

Galatioto, who owns the sports marketing and business firm Galatioto Sports Partners, added: “We're talking about a very important club that is known throughout the world. If it wasn't, we wouldn't be involved.

“Milan is a great city, but above all the AC Milan brand is fantastic.

“Fundamentally, my idea is to be the perfect matchmaker, to find the right person who has strong belief in the project and who, naturally, has the necessary economic and professional credentials to be successful in the long term.

“I'm not just interested in profit. I want to see a club be competitive in sporting as well as financial terms.”

Reports on Friday suggested the bidder could be either internet entrepeneur Robert Li or He Xiangjian, who made his fortune in producing air conditioning. Both men are among the 10 richest in China, according to the 2015 Forbes rich list.

Galatioto said his email account has been “inundated” with positive messages from frustrated fans.

Milan will not play in the Champions League for a third consecutive season in 2016-2017.

That failure cost Sinisa Mihajlovic his job on Tuesday, the popular Serbian replaced by former youth team coach Cristian Brocchi ahead of Sunday's trip to Sampdoria.

Milan sit sixth and are one of several teams fighting to qualify for the Europa League.

CHINA

China derides Copenhagen democracy meet as ‘political farce’

China on Tuesday blasted a democracy conference in Copenhagen attended by Taiwan's president and a Hong Kong activist alongside Danish government officials this week, qualifying it a "political farce".

Published: 11 May 2021 13:30 CEST
China derides Copenhagen democracy meet as 'political farce'
Demonstrators gathered outside the Copenhagen Democracy Summit on Tuesday. Photo: Emil Helms/Ritzau Scanpix

The Copenhagen Democracy Summit was held Monday and Tuesday in the Danish capital and organised by the Alliance of Democracies, an organisation targeted by Beijing sanctions in March and founded by former NATO boss Anders Fogh Rasmussen.

In addition to Taiwan’s President Tsai Ing-wen and Hong Kong democracy activist Nathan Law, Danish Foreign Minister Jeppe Kofod also participated in the forum by video link, which Beijing said violated “the one-China principle.”

“This summit is a political farce,” the Chinese embassy in Denmark wrote in a statement published on Tuesday. “Inviting those who advocate Taiwan and Hong Kong ‘independence’ to the meeting violates the one-China principle and interferes in China’s internal affairs,” it said.

“Some hypocritical western politicians are good at meddling in other countries’ internal affairs and creating divisions and confrontation in the name of ‘democracy’ and ‘freedom’. They are bound to fail,” it added.

At the conference on Monday, Kofod said it was “deplorable” that Beijing had imposed sanctions on 10 European individuals and organisations in response to EU sanctions on Xinjiang officials over their actions against the Uyghur Muslim minority.

Like most countries, Denmark applies the one-China principle — under which Beijing bars other countries from having simultaneous diplomatic relations with Taipei — though it does maintain relations with Taiwan.

Cut off politically from the rest of China since the end of the Chinese Civil War in 1949, the territory is self-governing but is not recognised by
the United Nations.

Beijing considers Taiwan a rebel province that will one day return under its control, by force if necessary.

China’s sabre-rattling has increased considerably over the past year, with fighter jets and nuclear-capable bombers breaching Taiwan’s air defence zone on a near-daily basis.

“Our government is fully aware of the threats to regional security, and is actively enhancing our national defence capabilities to protect our
democracy,” Tsai told the conference in a video address on Monday. US President Joe Biden is expected to present his China strategy soon, as
calls mount for him to publicly commit to defending Taiwan militarily in the event of a Chinese attack.

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