Silvio Berlusconi has sold AC Milan to a group of investors from China for €740 million.

Berlusconi had owned Milan for over three decades.

The sale was first announced in May 2016 but has since been postponed twice.

"Today Fininvest has completed the sale of the entire stake owned in AC Milan -- equal to 99.93% -- to Rossoneri Sport Investment Lux," read a statement on the club's official website.

Milan have won 29 trophies, including five European Cups, under Berlusconi's ownership.