The takeover of AC Milan was completed Thursday, with Silvio Berlusconi selling the club to a Chinese consortium after 31 years in charge.

The group, led by Chinese businessman Yonghong Li, has been attempting to buy Milan for some time but the deal has hit a series of delays and the sale has been postponed twice.

“I thank Berlusconi and Fininvest for their trust and the fans for their patience, from today we will build the future,” Li said.

Berlusconi's holding company, Fininvest, released a statement announcing that it had completed the transfer of its 99.93pc stake in Milan to Rossoneri Sport Luxembourg which was formerly known as Sino-Europe Sports.

“Today's finalisation gives full effect to the takeover agreement,” Fininvest said in the statement.

The deal, which values Milan at about $800 million, requires the investors to spend $372 million over three years on improvements.

“The buyers have confirmed their commitment to fulfill important recapitalisation investments to the balance sheet and strengthen AC Milan's finances and assets,” Fininvest said.

A general shareholders' meeting has been called for Friday when the names of the new president and directors will be announced. There is also expected to be a news conference on Friday.

The new owners' first match will be Saturday's derby against Inter Milan, which is also owned by a Chinese company.

During Berlusconi's reign, Milan won a number of trophies at home and abroad.

The Rossoneri won eight league titles, one Italian Cup and seven Super Cups as well as five Champions League trophies and five UEFA Super Cups.

But the famous Italian club has slipped from the top in recent years and is currently sixth in Serie A.

Milan won the Italian Super Cup in December, beating Juventus for its first trophy in six years.

“I'm leaving today, after more than 30 years, the title and job of Milan president,” Berlusconi said in a long statement on Milan's website.

“I do it with pain and emotion, but with the knowledge that in modern soccer, in order to compete at the top European and world levels, you need investment and resources which one single family is not able to sustain."

“I will always be the first fan of Milan, the team that my father taught me to love as a child, the dream that we realised together. To the new owners I give my best and most heartfelt wishes that you achieve goals even more extraordinary than those achieved by us."