AC Milan is the latest European club to be taken over by Chinese owners after Silvio Berlusconi reached a preliminary deal to sell his entire majority stake in the seven-time European champion that he has owned for 30 years. The deal with a Chinese investor group, which includes the participation of a Chinese state investment fund, values the club at 740 million euros (around $820 million) and requires the investors to spend 350 million euros over three years on improvements, Berlusconi's investment arm Fininvest said in a statement on Friday. Berlusconi owns 99.93 percent of the club. More...