AC Milan president Silvio Berlusconi has confirmed his intention to sell AC Milan to a group of Chinese investors, on the condition that the new owners spend €400 million over the next two years.

Berlusconi, 79, recently underwent heart surgery, stalling negotiations over the sale of the Rossoneri, which was initially due to be completed by June 15.

The former Italian Prime Minister was released from hospital on Monday and announced upon departing the San Raffaele hospital in Milan that he is now fully convinced that a sale of the club is the right thing to do.

"At this point, Milan are heading to China," Berlusconi, who has owned the Serie A club for over three decades, said. "I've dropped some of my demands over the price and accepted what has been offered to me.

Silvio Berlusconi will go ahead with the sale of AC Milan after being released from hospital. Nicolo Campo/Pacific Press/LightRocket via Getty Images

"It does not take into account the value of the brand, but I have demanded that the new buyers commit to investing at least €400m into Milan over the next two years.

"I end my 30 years with 28 huge triumphs, many second places and with a Rossoneri following which has grown.

"I believe this last decision is an important one: to pass Milan on to somebody who is willing to invest in Milan and to restore them to a role of protagonist in Italy, Europe and the world."

Berlusconi also confirmed the identity of the buyers as "big Chinese businesses, some of which have state investment."

It is not the first time in the past two years that Berlusconi has all-but announced the sale of the club.

He was in advanced talks with Thai businessman Bee Taechaubol a year ago only to turn down his offer after months of negotiations.

But his family are also now advising him to sell.

"Milan has always been a part of my father's heart, but today he has chosen, for the good of Milan, that the time has come to change the club's path and that they could be better off in different hands," his son Pier Silvio Berlusconi said.

Milan have just enjoyed the least impressive three-year period of Berlusconi's era, failing to qualify for Europe for three consecutive seasons.