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by Michael Day
ROME, May 5 (Xinhua) -- Silvio Berlusconi, during last weekend, indicated that he had sold a large stake in his beloved AC Milan to Thai entrepreneur Bee Taechaubol. The deal, which is valued at up to 1.2 billion euros (1.34 billion U.S. dollars) Mike Alstott Womens Jersey , appears to be part of an ongoing multi-billion euro assets sale.
By cashing in so spectacularly, the three-time prime minister has set the rumor mill into overdrive with people in Italy and beyond speculating on what he is planning next.
The tycoon is proud of the business empire he has built up from scratch. Beginning with a modest property development in the 1960s he went on to become Europe's most famous media magnate, with interests in asset management and of course football. So why sell it now?
One answer is that he needs to fill holes in his finances, which have grown large in the past few years. TV advertising revenues crashed due to the long and brutal recession, while in 2013 his Fininvest holding company was made to pay crushing damages of 494 million euros to his arch rival Carlo De Benedetti for the illegal means it used to win a takeover battle for the Mondadori publisher over 20 years earlier.
AC Milan football club Authentic Ali Marpet Jersey , which Berlusconi regards as the jewel in the crown of his business empire, has also come under extreme pressure. The club ended 2014 with a net loss of 91 million euros, the highest in its history. Over the last 10 years, the club has accumulated net losses of 361 million euros.
The financial downturn reflects the club's poor performance on the pitch. Hence the determination of Berlusconi to find an investor to provide it with a cash injection of several hundred million dollars to buy new players and revive its fortunes.
The current selling spree actually started last October, when B.