Silvio Berlusconi has agreed to sell a 48 per cent stake in AC Milan to Thai businessman Bee Taechaubol, reports, www.sportspromedia.com/.
The preliminary binding agreement, reportedly agreed last weekend at Berlusconi's residences in Italy, is worth about €480 million (US$527 million) and must be finalised by 30th September.
As part of the deal, Taechaubol, 39, will become a vice president of AC Milan, while Berlusconi, who has owned the Serie A club since 1986, will remain as president. The former Italian prime minister will also continue to control a majority stake in the club through his family's holding company Fininvest.
Reports suggest Taechaubol, who made his fortune in private equity, will have the right to appoint a third chief executive alongside Adriano Galliani and Barbara Berlusconi.
Taechaubol, who is acquiring the stake through his Thai Prime Fund, posted a photo of himself shaking hands with Berlusconi on Instagram on Sunday. 'A great honour to complete the AC Milan Agreement with President Berlusconi, a phenomenal leader,' read the accompanying caption.