The new owners of Italian football club AC Milan have set a lofty goal for their storied new asset: success in Europe’s ultra-competitive Champion’s League.

Chinese-backed Rossoneri Sport Investment Lux consortium completed its takeover of AC Milan after a series of delays. Previous attempts to buy the club stalled twice.

"Today is a special day for everybody who loves AC Milan,” said Li Yonghong, head of the club’s new ownership group, at a press conference.

Formed 118 years ago, AC Milan is one of Europe’s most high-profile sports teams. Over the last three decades the club has collected several trophies in major tournaments. But AC Milan last won the UEFA Champions League – Europe’s most prestigious club tournament – in 2007. 

"Our goal is to make all fans around the world love AC Milan more and more. This is what we must accomplish. Forza Milan!" Li said.

The deal for AC Milan’s acquisition values the club at 740 million euros. Investors will be required to invest 350 million euros over three years to improve the team.

 New CEO Marco Fassone said the club wanted to be back to Europe’s best. The Italian giants currently sit sixth in the country’s Serie A league.

"So our goal is to take part in the 2018-19 Champions League," Fassone told CGTN. "Our goal of again becoming one of the best teams in the world relies on expanding this company's business in the Chinese market, and I think that the strategy that the president and his staff want to realize is extraordinarily innovative." 

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