Italian giants Ac Milan have been sold to Chinese consortium Rossoneri sport Investment Lux following almost two years of negotiations.

The Serie A club have been owned by former Italy Prime Minister Silvio Berlussconi since 1986, but a disappointing few seasons for the Milan giants has led to a change of ownership at a cost of €740million.

According to sports mole, Rossoneri Sport Investment Lux completed their purchase of a 99.9 per cent stake in the club on Thursday, a statement from previous holding company Fininvest has confirmed.

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New Milan owner Yonghong Li has vowed to bring the good times back to the club, with the club having now gone six years without claiming the Serie A title.