Mihajlovic sets top-three target for Milan

The Thai businessman, who organised the Global Legends Series across Asia which saw the likes of Ronaldo, Cafu and Luis Figo play against each other in various locations, posted a picture of himself and Berlusconi on his Instagram page, saying: “A great honor to complete the AC Milan agreement with president Berlusconi, a phenomenal leader”.

Former Italian premier Silvio Berlusconi has reportedly agreed to sell a minority stake in his Serie A football club AC Milan to Thai businessman Bee Taechaubol for nearly 500 million euros ($A750 million).

A spokesman of Berlusconi’s holding company Fininvest told Reuters that the acquisition of the stake would be completed by the end of September.

The deal was signed by Fininvest and Taechaubol and approved by Berlusconi, the spokesman said.

“We signed an agreement that will allow our investors to start working for the club very soon”.

“We agree we want to grow Milan more around the world. So that we can win together, naturally”, Taechaubol told Mediaset.

Under Berlusconi’s 29-year tenure, AC Milan has won seven European championships and remains one of Italy’s most glamorous clubs but it has lost some of its shine in recent years. They have, however, struggled in recent years, with their last domestic crown coming in 2011 and last season’s Serie A campaign ending in a disappointing tenth place finish.

Reports suggest Taechaubol, who made his fortune in private equity, will have the right to appoint a third chief executive alongside Adriano Galliani and Barbara Berlusconi.