Chinese investors Rossoneri Sport Investment Lux have completed the £628m (740m euro) takeover of AC Milan, promising “significant capital increases”.
The Serie A club have been owned by former Italy prime minister Silvio Berlusconi since 1986.
In that time they won eight league titles and five European Cups, BBC reports.
However, Milan have not won Serie A since 2011 and finished seventh, 10th and eighth in the last three seasons.
They are currently sixth in the league, 20 points behind leaders Juventus.
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