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AC Milan sold to Chinese-owned consortium

The deal ends Berlusconi's 31-year reign of the Rossoneri and means both Milan teams are Chinese-owned. Credit: PA

AC Milan have been sold to a consortium led by a Chinese businessman for £627 million.

The Serie A club's owner Silvio Berlusconi decided to sell the club on Thursday to the consortium, led by Yonghong Li, ending a saga going back to August.

Fininvest have today finalised the sale to Rossoneri Sport Investment Lux the entire stake, amounting to 99.93 per cent in AC Milan.

Today's finalisation gives full effect to the takeover agreement signed by the managing director of Fininvest, Danilo Pellegrino, and David Han Li, the representative of Rossoneri Sport Investment Lux on August 15, 2016 and renewed on March 24 of this year.

The details of the agreement are those announced and provide an overall valuation of AC Milan at 740m euros, consisting of a debt burden evauated on June 30, 2016, as per the agreements between the parties of around 220m euros.

That amount has been collected by Fininvest, along with 90m euros as reimbursement of capital contributions made by Fininvest in favour of Milan from July 1, 2016 to today.

The buyers have confirmed their commitment to make important recapitalisation investments to the balance sheet and the financial strengthening of AC Milan.

Tomorrow, the general shareholders' meeting of AC Milan shareholders will, among other things, vote on the appointment of the new corporate bodies of the company.

– AC Milan statement

AC Milan face backlash over Haka performance

AC Milan performed a publicity stunt version of the Haka ahead of their Serie A match against Carpi at the San Siro on Thursday night.

Milan dubbed their pre-match war dance the 'Tekitanka', with the name emblazoned on advertising boards along with social media hashtags.

The ruse was all designed as a marketing ploy for club sponsors Nivea and the actual performance was by some actors and not the players themselves.

While attempting to be light-hearted, the attention-seeking ploy could backfire on the club, given the cultural sanctity New Zealanders place in traditional war dances like the Haka.

New Zealand's All Blacks rugby union side perform the Haka before kick-off in their Test matches, with other Pacific Islands Test teams also performing their own traditional war dances.

A dim view is generally taken of mimicry however, even in flattery but most certainly if in jest.

Politicians in New Zealand reacted with anger to England World Cup-winner Matt Dawson's 'Hakarena' dance advert during the autumn's Rugby World Cup.

Maori Party co-leader Sir Pita Sharples branded Dawson's insulting and "shameful".

Serie A giants AC Milan dismiss Sinisa Mihajlovic

AC Milan have sacked coach Sinisa Mihajlovic and appointed Cristian Brocchi until the end of the season.

Sinisa Mihajlovic leaves Milan 6th in Serie A. Credit: PA

The move comes after Sunday's 2-1 loss to Juventus left Milan seven points adrift of the European places in Serie A.

"Sinisa Mihajlovic has been relieved of his role as AC Milan coach," a club statement said.

"The club would like to thank Mihajlovic for the dedication and hard work carried out this season.

"Cristian Brocchi will now be in charge of the first team until the end of the season. AC Milan would like to welcome Mr Brocchi and wish him all the best."

Mihajlovic, who took charge last summer and had another season remaining on his contract, reportedly met with club president Silvio Berlusconi on Monday evening, and later wrote on Twitter: "Thank you for the love, it has been an honour."

Milan confirm signing Balotelli from Liverpool

Mario Balotelli was awful for Liverpool. Credit: PA

AC Milan have signed striker Mario Balotelli from Liverpool on a season-long loan.

The Italian has join the club for the second time in his career after a poor season at Anfield, where he scored just once in the league.

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Defender Abate pens new Milan deal

Ignazio Abate is staying put. Credit: PA

Italy international has signed a new four-year contract at AC Milan, the Serie A giants announced on Thursday.

The 28-year-old right-back, whose previous deal was set to expire at the end of this month, has committed himself to the San Siro outfit until 2019, ending speculation over his future amid reported interest from other clubs at home and abroad.

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