MILAN (AP) — Silvio Berlusconi's holding company Fininvest has agreed to negotiate exclusively with a group of Chinese investors for the possible sale of a stake in AC Milan.
Without naming the Chinese investors, a statement on Milan's website Tuesday said that a "memorandum of understanding" had been signed between the parties to open the negotiations.
The exclusive negotiating deal will last for 45 days, and a 500 million euro ($570 million) offer for 70% of Milan is being discussed, the Gazzetta dello Sport reported.
The 79-year-old Berlusconi has discussed selling Milan with several parties recently. Last year, he came close to selling a 48% stake in the club to a Thai investor, Bee Taechaubol.
With the Serie A season ending this weekend, Milan is languishing in seventh place.
Berlusconi took over Milan in February 1986 and presided over its most successful era as the team won 28 trophies, including eight Serie A titles and five European Cups.
However, Milan's form has dipped in recent years and the Rossoneri have not won Serie A since 2011.
Unless Milan passes sixth-place Sassuolo this weekend, the squad will fail to qualify for Europe for a third consecutive year.
When Sinisa Mihajlovic was fired last month, replacement Cristian Brocchi became Milan's fifth coach in little more than two years.
Still, Milan can capture a trophy when it faces Juventus in the Italian Cup final later this month.
Milan has discussed plans to build a new stadium but nothing definitive has been presented.