Chinese mystery buyers are still unknown if they complete the acquisition of AC Milan.

Chinese mystery buyer completes acquisition of AC Milan

Even the mysterious buyers who did not know the national team coach Lippi, after experiencing multiple twists and turns, finally bought the Italian football team AC Milan.

On April 13, 2017, Rosenelli Sports Investment Luxembourg (Rosenelli) and Italy's Finning West (Finning West) signed an equity delivery agreement in Milan, Italy, announcing Rosenelli Officially completed the acquisition of the 99.93% stake in AC Milan Football Club, AC Milan officially bid farewell to Italy's former Prime Minister Silvio Berlusconi for 31 years of control history, from the Fininvest group to a mysterious Chinese buyer .

The First Financial Reporter learned from Rosenner that the total value of AC Milan Football Club was 740 million Euros according to the AC Milan Football Club Equity Transfer Agreement signed on August 5, 2016. Finning West has received all the purchases from Rosenelli on the morning of April 13th, Italy. The two parties have completed the official delivery of the shares of AC Milan Football Club. Mr. Han Li, executive director of Rosenelli, and the Philippines Ning West CEO Danilo signed the equity delivery agreement.

Whether AC Milan, which has been losing money for many years, can still achieve profitability with the help of Chinese capital is still unknown.

Zigzag acquisition

From the hesitant change of Berlusconi to the difficulties of Chinese buyers, the sale of AC Milan has been twisted and twisted in more than two years. In the meantime, various Chinese capitals are rushing to buy overseas football clubs. However, this acquisition of AC Milan is confusing. Even China's national team coach Lippi also told the media recently that no one in China knows who the real buyer in Milan is. This acquisition is not as well known as Suning's acquisition of Inter.

The Italian media first reported in Berlusconi's sale of AC Milan in 2012 and was later denied. In January 2015, Berlusconi’s internal speech was made public by the Italian media, confirming the news of AC Milan’s sale, followed by news of various Chinese buyers competing to buy.

Berlusconi has revealed to the Italian media that there are three groups of Chinese investors interested. The media has ruled out the mysterious Mr. Pink, the Chinese girl "Ms. X", Wang Jianlin, chairman of Wanda, and Zong Qinghou, chairman of Wahaha. Hong Kong's wealthy businessman Li Wenhui and Thai wealthy businessman Mr. Bee have all appeared in the acquisition rumors.

In the end, the acquisition will be a little-known CEIBS Investment Management Changxing Co., Ltd. (hereinafter referred to as “Central Europe Sports”). On August 5, 2016, CEIBS and AC Milan’s main control company, Finning West, signed Agreement to acquire a 99.23% stake in the Milan Club for 520 million euros. According to industry and commerce information, CEIBS was only registered on May 26, 2016. The legal representative and shareholder of CEIBS Sports is a natural person named Chen Huashan. In the ownership structure, Li Yonghong, who is the chairman of the board of directors, has nothing to do with.

Li Yonghong did not purchase AC Milan by personal investment. When people were guessing who the gold master behind China-Europe Sports was, CEIBS had problems in the subsequent payment of funds and did not pay the purchase amount on time according to the contract.

Affected by multiple factors such as the policy level, CEIBS’s acquisition funds have had problems. CEIBS does not want to give up this merger easily. In order to show sincerity, from September 2016 to the beginning of March 2017, CEIBS has paid 250 million euros to Finning West three times. When the outside world worried that the acquisition could not continue, at the end of March 2017, Li Yonghong found A new solution. Finning West subsequently issued a statement saying that the acquisition will continue and the new company, Luxembourg Rosenelli Sports Investment Company, will continue to complete the acquisition.

Chinese capital frequently goes to sea

In January 2015, Wanda Group invested nearly 45 million euros to buy a 20% stake in the Madrid Athletic Club of La Liga. At about 12, 2015, the Chinese Cultural Union handed in a capital of US$400 million to acquire a 13% stake in the Premier League City Manchester Football Club parent company Urban Football Group. In June 2016, Suning Group spent 270 million euros to win about 70% of Inter Milan. According to media statistics, in 2015-2016, China Capital invested at least 10 overseas teams in less than two years, costing more than 15 billion yuan.

However, China’s nearly crazy rush to the sea has caused the attention of the regulators. At the end of 2016, the SAFE and the Ministry of Commerce warned that it may veto the acquisition of overseas acquisitions of assets other than the main business, and requires 500 Transfers of US$10,000 and above require special approval.

AC Milan has a high reputation in Europe and the world. However, in recent years, with the decline of Serie A, its main teams have been in a downturn and their performances are average. They have no glory in the past, and they have brought AC. The loss of a team like Milan was even abandoned by the owner.

Since 2006, AC Milan has gradually declined, rarely winning in major European events. Since its profit of 2.5 million euros in 2006, it has been losing money for nearly a decade. In 2014, the loss was 91.28 million euros, the loss in 2015 was 89.3 million euros, and in 2016 it was 75 million euros. In this case, Berlusconi had to reluctantly cut love and sold AC Milan for 31 years.

The profit outlook is not optimistic

For the Chinese capital to bring life to these former giants, the football industry observer Yang Wenzhao told reporters that in addition to bringing money, Chinese capital is more willing to use Chinese local resources to revitalize these club resources.

CIC Zhuozhi Consulting Executive Director Zhu Yue told the First Financial Reporter that from the perspective of realizing the situation, taking Suning as an example, first of all, the team resources and the charismatic players in the team will strengthen the Suning Group's production and promotion level. ability. Secondly, on the retail side, Suning can use La Liga and Inter Milan to gradually realize the overseas expansion of its home appliance sales business and develop global business. In addition, since winning the La Liga copyright in 2015, PPTV Sports has been extremely successful in its operation in La Liga, and has produced more popular sports variety IPs such as "Legend of La Liga" and "Happy La Liga".

However, despite this, Yang Wenzhao seems that to achieve profitability is still in the foreseeable future. Even a large-scale group like Suning can use its multiple businesses to play a linkage effect with the acquired football clubs. It is difficult to achieve profitability at one time. Not to mention the Rosen Neri company, which has few resources in the sports industry. Yang Wenzhao stressed: "At present, it is almost impossible for these Chinese companies to achieve profitability. At present, some countries in Europe are facing difficulties, and football clubs are also difficult to operate. Chinese capital intervention will inevitably cost a lot of capital, and it is very difficult to make profits in the short term. Profitable top clubs such as Real Madrid in La Liga, etc., are also difficult to buy in China."

Chen Shaofeng, deputy dean of the Peking University Cultural Industry Research Institute, also told reporters that from the perspective of economic interests, the financial return of investing in European football clubs is not large, and even requires a large amount of capital investment, the risk is high.

From the perspective of business model and return, it is difficult for some football clubs in Europe to combine with the local market. It is difficult to reverse the current difficulties of some club fabrics by occasionally coming to China for a commercial competition or commercial endorsement. According to the rules of football club operation, the operation status of the football club itself is difficult to change in the short term. It requires a long investment and operation, and at least it needs to achieve good results in large-scale competitions.

Yang Wenzhao believes that the purpose of Chinese acquisition of European giants is not only the value mentioned before, but also the personal complex of entrepreneurs. These entrepreneurs are interested in European football giants and may have been fans of these giants. Your own brand value.

Returning to the acquisition of AC Milan, the Chinese capital paid 740 million euros in the case of tight capital. How to realize it quickly is a concern of the outside world. The British "Financial Times" reported that Li Yonghong will promote AC Milan's listing in Hong Kong in the next 18 months in order to provide relevant investors with an exit mechanism. However, 18 months of IPO in Hong Kong is difficult to achieve. Once the IPO is not available, Rosenelli will face a new round of capital crisis.

Enter [Sina Finance and Economics Unit] Discussion

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