中国商人收购AC米兰交易接近完成
AC米兰(AC Milan)迈向在香港上市之路。此前，来自美国对冲基金埃利奥特管理公司(Elliott Management)的融资，令中国一宗从意大利前总理西尔维奥•贝卢斯科尼(Silvio Berlusconi)手中收购这家意大利足球俱乐部的交易复活。
Elliott has agreed to provide part of the financing for little-known Chinese investor Yonghong Li to buy AC Milan for €740m, said people directly informed of the deal.
直接了解交易相关信息的人士表示，埃利奥特已同意为少有人知的中国投资者李勇鸿以7.4亿欧元收购AC米兰提供部分融资。
The transaction values AC Milan at about four times revenues, putting it on a par with Chinese Suning Holdings’ purchase of a majority stake in Inter Milan last year.
该交易令AC米兰的估值达到其营收的4倍左右，从而与去年中国苏宁控股(Suning Holdings)收购国际米兰(Inter Milan)多数股份的交易相当。
Elliott’s intervention is decisive to the deal closing successfully. It was first agreed last August.
埃利奥特的介入对交易的成功收官有着决定性影响。该交易是在去年8月首次达成的。
The transaction, led by Mr Li’s Sino-Europe Sports, includes €250m of downpayments to Mr Berlusconi’s family holding company Fininvest and €200m of debt. It is expected to close in mid-April. Sino-Europe Sports paid a €100m deposit for the club, non-refundable if the deal failed to close.
这一由李勇鸿的中欧体育(Sino-Europe Sports)领衔的交易，包括2.5亿欧元支付给贝卢斯科尼家族控股企业Fininvest的定金和2亿欧元的债务。该交易预计会于4月中旬完成。中欧体育为该俱乐部支付了1亿欧元的保证金，如果交易未能完成，这笔保证金将不会返还。
Mr Li, who is representing a consortium of unspecified Asian investors, is looking at listing the club on the Hong Kong stock exchange in the next 18 months to provide an exit for Elliott, said people with knowledge of the deal.
李勇鸿代表一个由未公开亚洲投资者组成的财团。知情人士表示，他正寻求在今后18个月内将该俱乐部在港交所上市，以便为埃利奥特提供退出机制。
The agreement to buy the lossmaking football club — a seven-times European champion that has failed to win any major competition for six years — is the latest in a flurry of Asian investments in European football.
AC米兰曾七次获欧洲冠军杯冠军，却已有六年未曾赢得任何重大比赛。收购这支亏损球队的交易，是亚洲对欧洲足球一系列投资的最新一例。
It comes after months of on-and-off talks between the two sides. A clampdown by Chinese authorities on so-called foreign vanity deals, amid a wider crackdown on capital outflows, had threatened to derail it.
交易达成前，双方开展了几个月时断时续的磋商。在更大范围的遏制资本外流的举措中，中国当局对所谓无意义境外投资的打压，也险些令交易流产。
The transaction also marks the end of an era for Mr Berlusconi, whose ownership of AC Milan in its 1990s heyday helped to build his personal and political popularity.
该交易还标志着贝卢斯科尼时代的终结。贝卢斯科尼在上世纪90年代AC米兰鼎盛时期对该球队的所有权，为他建立了个人和政治上的人气。
But Mr Berlusconi, 80, has decided to sell the underperforming club as it has become a drag on his personal fortune — and appeal — in recent years.
不过，最近几年它已成为现年80岁的贝卢斯科尼个人财富和吸引力的拖累，因此他决定出售这支表现不佳的球队。
He has also baulked at spending the millions necessary to compete with deep-pocketed Asian investors. The media entrepreneur, who has a messy succession to resolve with five children from two marriages, is also weighing his ownership of Italian media group Mediaset.
他也害怕支付与财力雄厚的亚洲投资者竞争所必需的成百万开销。为解决两次婚姻带来的五个子女的纷乱继承权问题，这位传媒大亨还在仔细考虑对意大利传媒集团Mediaset的所有权。
Football fans in Asia are the future of the European football business, said industry analysts.
行业分析师表示，亚洲球迷是欧洲足球业的未来。
Mr Li is seeking to advance AC Milan’s profile in China through boosting revenues in merchandising and the rights to show Serie A games on Chinese television.
李勇鸿试图通过提振相关产品销售收入和甲级联赛中国电视转播权收入，提高AC米兰在中国的形象。
Elliott and Mr Li’s investment vehicle Rossoneri Lux have agreed a €253m financing deal. This includes €180m to finance AC Milan’s acquisition from Mr Berlusconi’s Fininvest, and a €73m intercompany loan to AC Milan to finance short-term loans, said two people informed of the deal structure.
埃利奥特和李勇鸿的投资公司Rossoneri Lux已达成2.53亿欧元的融资协议。两位了解协议安排的人士表示，这一协议包括为从贝卢斯科尼旗下的Fininvest收购AC米兰提供1.8亿欧元的融资，以及一笔对AC米兰的7300万欧元企业间贷款，作为对其的短期融资。
