AC Milan president Silvio Berlusconi has agreed to sell his 99.93% stake in the Serie A club to a consortium of Chinese investors, ending his 30-year ownership of the seven-time European champions.

The former Italian prime minister's Fininvest family holding said that it had signed a preliminary agreement valuing the club at €740m (£627.4m), which includes €220m (£186.5m) of debt.

Sino-Europe Sports Investment Management Changxing, the group buying AC Milan, have agreed to invest €350m (£297m) into the club in the next three seasons.

The announcement comes on the same day that Premier League side West Bromwich Albion joined their Midlands neighbours Wolverhampton Wanderers and Aston Villa in being bought by Chinese consortia.