AC Milan president Silvio Berlusconi is set to oversee the club's sale today.
"To those who remain; from the players, the Coach, and the employees of the club to all of our fans, I express the most affectionate wishes for great success, and I hope every one of them can achieve and every one of the dreams they hold in sport and in life".
Milan have struggled in recent seasons and their team, who are not playing in European competition this season because of an underwhelming 7th place Serie A finish past year, are a shadow of the glamorous squad that last won the Champions League in 2007. "I didn't discuss price, I've accepted what they offered me".
"Above all though, my thanks from the bottom of my heart go out to our fans". To the millions of supporters who filled the stadiums to shout Forza Milan, to all the others, even more, who being physically far away showed us their support with great enthusiasm.
"Without them, such a successful Milan wouldn't exist". Together with them, we won everything there was to win.
In a statement, the Berlusconi family's holding company, Fininvest, said it had sold its entire 99.93% stake in the club to Luxembourg-based Rossoneri Sport Investment Lux, a company controlled by investor Yonghong Li.
The €740 million deal was confirmed shortly after 1300 GMT, but was dogged by months of delays as the consortium - formerly known as Sino-Europe Sports (SES) - struggled to meet deadlines for scheduled down payments.
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"The terms of the agreement are the same disclosed in August and reflect of an aggregate evaluation of AC Milan equal to €740 million, which includes the club's indebtedness, equal to €220 million as of June 30th 2016", added the statement, which also pledged future investment.
The transfer of the final 190 million euros ($202 million) in addition to the 250 million euro ($266 million) deposit already paid and the 180 million euros ($191 million) loaned by American fund Elliott Management is expected to arrive during the day, and the sale to be completed Thursday.
Last year, Chinese retail giant Suning Commerce Group bought a 68% controlling stake in Inter Milan for €280 (£220) million.