New AC Milan owner Yonghong Li says that Chinese consortium Rossoneri Sport Investment Lux will lead the Italian giants "back to the summit of world football".
The deal, the biggest Chinese investment in a European club, follows retail giant Suning Commerce Group's purchase of Milan's rival Inter a year ago.
The seven-time European champions who are Italy's most successful club in worldwide competition, have been owned by former three-time Italy prime minister Silvio Berlusconi since 1986.
During Berlusconi's reign, Milan won a number of trophies at home and overseas. In his first statement, Li said "I thank Berlusconi and Fininvest for their confidence, and the fans for their patience, from today we will build the future". He said he would "never forget the emotions Milan gave me and all of us". "One family can't do it all by itself".
Berlusconi's holding company, Fininvest, released a statement announcing that it had completed the transfer of its 99.93 per cent stake in Milan to Rossoneri Sport Luxembourg - which was formerly known as Sino-Europe Sports.
The new owners have also agreed to take on Milan's debts, which the statement said are worth around £186.5million.
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"That amount has been collected by Fininvest, along with 90m euros as reimbursement of capital contributions made by Fininvest in favour of Milan from July 1, 2016 to today".
In June 2016 the Chinese Suning group owned by commercial tycoon Zhang Jindong took over control of Inter from Indonesian Erick Thohir, who acquired a majority stake in the Nerazzurri in October 2013.
Despite making two down payments of 100m euros each to buy the club last December, the takeover was in doubt a month ago when the consortium failed to meet another payment deadline. There is also expected to be a news conference on Friday.
Berlusconi had owned the Italian club since 1986, a period in which the club has had great success in both domestic and European competitions including eight Serie A titles and five European cups.
"I hope the new owners have the cash to be able to compete with the top clubs in Europe".
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