Serie A football giants AC Milan were sold to Rossoneri Sport Investment Lux on Thursday in a deal which sees the Chinese-led consortium taking a 99.9-percent stake in the club.

The seven-time European champions, Italy's most successful club in international competition, had been owned by former three-time Italy prime minister Silvio Berlusconi since 1986.

A joint statement by AC Milan's holding company Fininvest and Rossoneri Sport Investment Lux said: "Today Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux." 

(Source: AFP)