July 30, 2015 / 12:29 PM / 2 years ago

Italy's Berlusconi to finalize AC Milan stake sale after summer: source

MILAN (Reuters) - Italian former prime minister Silvio Berlusconi is to sign a binding pre-accord to sell 48 percent of his AC Milan soccer club to Thai businessman Bee Taechaubol in the next few days with a final deal to be inked after the summer, a source close to the matter told Reuters on Thursday.

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

The Serie A soccer club is owned by Fininvest, Berlusconi’s family holding company which also controls Italian TV broadcaster Mediaset and publisher Mondadori.

Berlusconi gave his blessing to sell the stake to a consortium led by Taechaubol in June, giving the prospective buyer eight weeks of exclusive talks to finalize a deal. This deadline expires at the end of July.

AC Milan, seven times European champions, have been a central part of Berlusconi’s media and political empire for three decades. But the club has lost some of its shine in recent years.

Reporting by Claudia Cristoferi, writing by Danilo Masoni, editing by Giselda Vagnoni

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