Chinese consortium close to taking over AC Milan

AC Milan owner Silvio Berlusconi is preparing to weigh up two separate offers for the football club that could see a majority stake in the Italian Serie A giants sold to either a Thai or Hong Kong businessman.

Speculation surrounding the eventual sale of the seven-time European champions has intensified in the past year amid the club's struggle to keep up with the pace in Serie A, and their recurring failure to qualify for European tournaments, reports Xinhua.

Berlusconi was earlier this month quoted as saying he had agreed terms on selling a 75 percent holding in the club to a consortium with close ties to the Chinese companies.

Reports in Italy suggest the two-time Italian prime minister Berlusconi is moving closer towards selling a majority stake in the club, with a Hong Kong businessman representing a Chinese-led consortium, leading the race.

Reports said due diligence of the club had already been carried out by representatives of the Chinese consortium.

Due diligence of the club by representatives of the Chinese consortium would be "finalised shortly", after which "concrete and official offers" could be made. Milan are said to be among the most popular foreign clubs in China and it is the reason for the push by Berlusconi to sell.

If the deal were to go through, Milan would become the second Serie A club to be sold to Asian investors. Indonesian tycoon Erick Thohir bought a 70 percent stake in Inter Milan in November 2013.