AC Milan expect to change hands formally in November.

Milan president Silvio Berlusconi has signed a preliminary agreement to sell the Rossoneri to a Chinese consortium, with an initial €100m investment expected in the next month.

Sky Italia says the aim is to achieve the definitive transfer of 99.93 per cent of shares from Fininvest to Sino-Europe Sports by November 4.

Prospective new owner Yonghong Li is obliged to clear debts totaling €220m and invest a further €350m into the San Siro club over a three-year time frame.

The paper work is expected to be completed on both sides of the table over the next two months.