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Chinese investors complete deal to buy Italy soccer club AC Milan

AC Milan's flag waves in front of San Siro stadium in Milan April 29, 2015. REUTERS/Alessandro Garofalo/File Photo
AC Milan's flag waves in front of San Siro stadium in Milan April 29, 2015. REUTERS/Alessandro Garofalo/File Photo

MILAN (Reuters) - Italian former prime minister Silvio Berlusconi finalised his troubled sale of soccer club AC Milan to a Chinese-led consortium on Thursday, a 740-million-euro ($788 million) deal that tightens China's grip on the game in Italy.

The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group's purchase of Milan rival Internazionale FC last year.

A Chinese firm also underwrites the media rights to the top league, Serie A.

In a statement, Berlusconi's family holding Fininvest said it had sold its entire 99.93 percent stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, the company that replaced the original Chinese bid vehicle.

(Reporting by Elvira Pollina, editing by Silvia Aloisi and Crispian Balmer)

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