Silvio Berlusconi’s investment arm, Fininvest, have announced a preliminary deal to sell the majority stake in Serie A club Milan to Chinese investors. Han Li, the representative of a group of Chinese investors, has agreed a contract concerning the 99.93% stake owned by Berlusconi.

The investors operate through the management company Sino-Europe Sports Investment Management Changxing Co. Among those investors are companies active in the financial industry and others in industrial sectors, Fininvest said in a statement.

The binding contract between the parties is expected to be completed by the end of 2016, subject to approval from the relevant Italian and Chinese authorities.

“The agreement values Milan at €740 million with an estimated debt of approximately €220m,” read a statement on Milan’s website. “The agreement requires the acquirers to undertake significant capital increases and liquidity injections aimed at strengthening Milan’s financial structure, for a total amount of €350m over a three-year period .

“The agreement also requires the acquirers to make a €100m deposit, confirming the commitments assumed, of which €15m is payable upon signing and €85m within 35 days of signing.”