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MILAN (Reuters) - Former Prime Minister Silvio Berlusconi, owner of Italian storied soccer club AC Milan, has agreed to postpone the closing of the deal by an extra six weeks after being granted a further 100 million euros in cash and securities, a source told Reuters.
The accord - originally inked in August and expected to be signed off first in December and then in March - is now due to be finalised on April 14, two sources said.
The Chinese consortium which has committed to buying AC Milan has, in exchange for the delay, paid 50 million euros in cash to Berlusconi's family investment vehicle Fininvest this week, the first source said. A further 50 million euros have been guaranteed through securities, the source added.
The investors have already paid 200 million euros and are now due to pay a final 220 million euro instalment. They have also committed to inject a further 100 million euros into the team.
The full composition of the Chinese group is still unknown and is due to be revealed at the closing.
The agreement values the club at 740 million euros ($780 million) including 220 million euros of debt.
($1 = 0.9252 euros)
Reporting by Elvira Pollina, writing by Giulia Segreti, editing by Paola Arosio and Valentina Za