AC Milan's new Chinese owners say they're preparing to install a new president.

The changes have already begun, with Marco Fassone expected to be confirmed shortly as the new director general.

“After the completion of the acquisition, we will announce a board of directors and elect a new President," the new owners told China Economic. “Mr. Silvio Berlusconi will serve as an honorary president of the club.

“Other investors will join our fund and will be revealed upon the closing of the deal.

“We chose Milan for their glorious history, which allows China to develop football both culturally and as a business.

“It's the first time that [government-backed] Chinese capital buys a top club in world football. Sino Europe enjoyed great help from the government of Changxing for the acquisition of Milan and we'd like to extend our special thanks to the finance office, which allowed for all of this."