The would-be bidders are reportedly offering $450 million for a 70-percent stake in AC Milan.(AP Photo/Antonio Calanni)
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Online retail giant Alibaba is on the verge of leading a Chinese takeover of AC Milan from disgraced former Prime Minister Silvio Berlusconi, Italian media reported Wednesday.According to Wednesday's reports, the would-be bidders are offering 400 million euros (around $450 million) for a 70-percent stake and Berlusconi's holding company Fininvest is taking it seriously.With Milan having missed out again on Champions League football for next season, there is mounting speculation that Berlusconi is preparing to cut his losses.The club is estimated to have lost 91 million euros in the 2014-15 season and has reported debts of around 250 million.
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