By Gaia Brunelli
Bee Taechaubol is closing in on the purchase of AC Milan, with his memorandum of understanding with Silvio Berlusconi having been converted into a definitive deal.
The Thai businessman revealed in February that he had tabled an offer to acquire a majority stake in the Serie A outfit and sat down with the current Rossoneri supremo at Arcore last month to discuss the conditions of the takeover, eventually reaching a deal in principle that would be turned into a written agreement at a latter stage.
Both parties have now ironed out the latest details of the agreement, with Taechaubol to acquire a 65 per cent share in Milan over the course of the next 12 months.
The terms of the deal dictate that Taechaubol will pay €195 million for a 20% stake in the San Siro side with immediate effect, before eventually taking his stake up to 65%.
Milan have thus been valued at €975m, plus an additional €250m in debts to take their total valuation to €1,225 billion.
Taechaubol had initially set his sights on a bigger stake, but has now opted to settle for 65% in the end.
Under the terms agreed, Adriano Galliani will remain in charge as the club's sporting director for the next 12 months, remaining in charge of the club's transfer business, while any decision on potentially replacing head coach Filippo Inzaghi will be taken in conjunction with the club's new owner.
Fellow CEO Barbara Berlusconi, meanwhile, will also continue in her current role for the foreseeable future as she is considered to be vital to the club's plans to build a new stadium, as well as leaing a number of commercial projects.
Taechaubol would become the second Asian businessman to take charge of one of Serie A's top clubs after Indonesian investor Erick Thohir previously acquired Inter.