Football: Chinese investors paid second deposit in AC Milan deal - source

AC Milan players celebrate in a match against Palermo on Nov 6, 2016. A Chinese consortium is looking to buy the club.
AC Milan players celebrate in a match against Palermo on Nov 6, 2016. A Chinese consortium is looking to buy the club.PHOTO: AFP

MILAN (Reuters) - The Chinese consortium seeking to buy AC Milan has paid a second €100 million (S$151.43 million) deposit to the Italian football club's owner, a source close to the matter said on Tuesday.

Last week the Chinese investors and the holding company of former Italian prime minister Silvio Berlusconi, which owns AC Milan, agreed to postpone the closing of the deal to March 3, but the consortium was asked to pay the second deposit on top of another 100 million euros it had already committed.

The deal was originally expected to close on Dec. 13 but the consortium, backed by Haixia Capital and entrepreneur Li Yonghong, was struggling to get approval from the Chinese government for the deal.