Italian football giants AC Milan have been sold to a Chinese-led consortium, in China’s latest big-money acquisition in the Beautiful Game.

Fininvest, the family investment company of former Italian Prime Minister Silvio Berlusconi, said in a statement it had completed the protracted sale of the club to Rossoneri Sport Investment Lux, which is led by Chinese businessman Li Yonghong. 

The deal, worth 740 million euros (about 786 million US dollars) and under negotiation for around two years, puts an end to Berlusconi’s 31-year ownership reign. He bought the franchise in 1986 and oversaw the most successful period in its history.

AC Milan have a huge fan base around the globe, including in China, but they have struggled for financial support and success on the pitch in recent years. The new owners are expected to invest in the team, in an effort to make them European heavyweights once again.

With President Xi Jinping leading a campaign to make China a football superpower, Chinese clubs and investors have been on a spending spree to acquire foreign talent and stakes in storied clubs. Brazil’s Oscar and Argentina’s Carlos Tevez became among the world’s best-paid players when they joined Shanghai SIPG and Shanghai Shenhua respectively, and English club Aston Villa is owned by Recon Group, a company chaired by Chinese businessman Tony Xia.

Berlusconi expressed sadness at the sale, but sent his best wishes to the new owners: "I will always be AC Milan's number one fan and I wish the club's new owners all the best for the future. I offer them my most cordial wishes and hope they achieve many more extraordinary feats than we did."

Milan coach Vincenzo Montella couldn't hide his emotion following the announcement of the takeover. “My job these past few months has been separating the team's work from events surrounding the club, and I think we managed to do that,” he said. “I will certainly meet the new ownership and the new management in the coming days, and I'm sure that together we will find the way to make AC Milan as great as it was in the past.”

AC Milan currently sit sixth in the Italian league, and with seven games remaining in the season, need to finish strongly to earn a spot to play in European competition.