AC Milan’s Chinese Buyer Said to Show False Bank Letter in Talks
- Chinese group said to give letter showing funding capability
- Bank of Jiangsu says it hasn’t issued any such document
AC Milan Buyer Said to Use False Bank Letter
The Chinese investor group seeking funds to buy AC Milan, the soccer club owned by former Italian premier Silvio Berlusconi, provided a false bank report during its initial deal negotiations, according to a statement from the lender whose name appears on the documents.
Berlusconi’s Fininvest SpA agreed last month to sell the team to a group of little-known Chinese investors for 740 million euros ($825 million), including debt. To prove their financial strength during the deal talks, the Chinese group provided documents on what appears to be Bank of Jiangsu Co. stationery, purporting to show transaction details of a consortium member’s corporate account, people with knowledge of the matter said, asking not to be identified as the information is private.