Silvio Berlusconi is set to step away from the club...
Italian football club, AC Milan is destined for a listing on the Hong Kong stock exchange after intervention by a US hedge fund to facilitate its sale by former Italian Prime Minister, Silvio Berlusconi, to a Chinese investor in a €740m deal.
Elliott Capital Management has agreed to stump up €180m in bridging finance for the purchase.
The Chinese company, Sino Europe Europe Sport, had required these funds due to restrictions on capital transfers out of China.
The Financial Times reports that the deal is set to close by "mid-April" - it broke this story, citing sources "directly informed of the deal." This listing will provide an 'out' for Elliott and is expected to happen 18 months after the sale.
Sino Europe Europe Sport has already paid a non-refundable €100m deposit which it will lose if the deal falls through.
The transaction had been threatened by a clampdown on foreign 'vanity' investments in China.
When it is completed, this will end Mr Berlusconi's connection with the club, which has existed since the mid-1980s.
The club won European Cups in 1989 and 1990, before Champions League victories in 1994, 2003 and 2007.
Milan has also won eight of their 18 Serie A titles since Berlusconi's involvement with the club.
They have endured a relatively lean period in recent years and currently sit seventh in Serie A.
Its rival Inter Milan was also sold to a Chinese firm last year.
Additional reporting by Raf Diallo