Silvio Berlusconi reaches deal with Bee Taechaubol to sell 48% of AC Milan

Bee Taechaubol has completed an agreement to buy 48 percent of AC Milan from Silvio Berlusconi.

The Thai businessman posted an Instagram photo of himself and Berlusconi shaking hands on Sunday.

A great honor to complete the AC Mlian Agreement with President Berlusconi, a phenomenal leader.

A photo posted by Bee Taechaubol (@bee.taechaubol) on

Taechaubol, 39, paid a reported €485 million for his share, though Berlusconi will retain control and his post as president of the Serie A club.

Belusconi said in July that the sale will help Milan compete with other European clubs, such as Manchester City and Paris Saint-Germain, that have found more resources with foreign investment.

"You'll see me at San Siro often as a fan with president Berlusconi. So that we can win together, naturally," Taechaubol told Mediaset.

"We signed an agreement that will allow our investors to start working for the club very soon.

"We are in agreement, we want to help Milan grow even more all over the world."