AC Milan vice president Adriano Galliani has announced that the takeover deal that was expected to see the club sold will not be completed by the deadline.
Goal reported on Tuesday that there were problems with the purchasers, Chinese group Sino Europe Sports (SES), raising funds to complete the final of three instalments.
SES had been set a March 3 completion date for the purchase of the San Siro side, but they will not make that target.
“The transaction will not take place today,” Galliani told club members. “We are seeking ways to reach an agreement with Sino Europe as quickly as possible.”
Indeed, Galliani would not even be drawn as to whether talks could break down entirely, suggesting that the current owners are the people to respond to such questions.
“I’m not the person to answer that, question, that’s down to Fininvest.”
SES’s takeover, which is headed by Chinese businessman Yonghong Li, had held promises to restore Milan to their glory days, during which they won seven European Cups, the latest of which arrived a decade ago.
In recent years, however, they have seen Juventus dominate the domestic scene, while their demise has been so great that they have not even played continental football since 2013-14 – a record they are fighting to change as they lie seventh in Serie A currently.