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Another blip in Milan deal for Chinese firm
Print Edition
THE Chinese consortium that agreed to buy AC Milan in a multi-million dollar deal this summer has been hit with new forgery claims, media said yesterday.
In August, Silvio Berlusconi agreed to sell more than 99 percent of AC Milan to a little-known Chinese consortium named Sino-Europe Sports Investment Management Changxing. The deal valued the club at 740 million euros (then US$825.4 million), including debt.
But the Chinese group provided a forged bank statement to prove its financing abilities, Chinese business magazine Caixin reported.
The consortium provided a statement issued by the Bank of Dongguan, based in Guangdong Province, saying it would provide assistance to finance the deal. But Bank of Dongguan denied it ever provided such a document to the Chinese group, Caixin cited the lender as saying.
The consortium includes tycoon Li Yonghong, Haixia Capital group, and other private and public Chinese firms.
Sino-Europe Sports Investment Management Changxing Co has already paid 100 million euros to Fininvest, the holding company of Milan owner and president Berlusconi, who is expected to sign off on the 740-million-euro deal by the end of the year.
The news comes just two days after Bloomberg News alleged that other false documents were used in the initial negotiations of the deal.
The Bloomberg report claimed that Sino-Europe Sports provided documents on “what appears to be Bank of Jiangsu Co stationery, purporting to show transaction details of a consortium member’s corporate account”.
It added that “after reviewing the matter, Bank of Jiangsu found it hadn’t issued any such document detailing the account’s transactions”.
Bloomberg’s claims, reported widely in the Italian media, have cast a shadow over a deal that could see Milan, one of the world’s legendary football clubs, following in the footsteps of city rival Inter Milan in being sold to Chinese investors.
Inter, Italy’s last UEFA Champions League winners, in 2010, is now owned by China’s Suning Group.
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