AC Milan negotiating with new Chinese investors - Silvio Berlusconi

AC Milan president Silvio Berlusconi has confirmed he is looking to sell the Serie A club.

Berlusconi's Fininvest group have owned the Italian club for over 30 years and after talks over the sale of a large stake to Thai businessman Bee Taechaubol broke down earlier this year, Berlusconi now appears to have found a buyer who he would be happy to sell to.

A Chinese group of investors have secured a period of exclusivity to negotiate a deal with Berlusconi, who told Tele Radio Piu on Friday that the time had indeed come to sell.

"I think after 30 years, the time has come for me to hand Milan over," Berlusconi said. "But I want to leave Milan to someone who I know will be able to make them protagonists in Italy and in the world again, and who is committed to investing money in this team each year.

"I'm ready [to sell]. I've been looking for a solution for a year now. The whole world is changing with the arrival of money from oil and one family alone can no longer support a side who wants to be protagonists in Europe.

"[The Chinese investors] appear to be a solid group. If they want to get the top players needed to win, they are going to have to invest between €100-€200 million a year."

While negotiations are underway, the Rossoneri's transfer activities appear to have been put on ice, as has the search for a new coach, or confirmation that Christian Brocchi will keep his job next season.

It has been reported that the sale will have to go through by June 15 to enable plans to commence for next season, when Milan will for the third year in a row not be playing in Europe.