AC Milan have confirmed that Silvio Berlusconi is nearing a deal to sell a 48% stake in the club to Thai businessman Bee Taechaubol after agreeing to enter an eight-week period of exclusivity for negotiations.

After weeks of talks, the club have now revealed in a statement that the proposal will see Berlusconi remain as club president and his holding company Fininvest will retain a majority 52% share of the club.

"President Silvio Berlusconi has approved the agreement signed by the Fininvest managing director Pasquale Cannatelli and Mr Bee Taechaubol that plans to negotiate exclusively for a period of eight weeks over a partnership with AC Milan," the statement read.

"During this time, Silvio Berlusconi, who will continue to remain as President, and Mr Taechaubol will work together on a great and ambitious economic and sporting project to take Milan back to the highest levels of Italian and international football that are in line with the club's history, prestige and results.

"As part of this, the draft agreement, which will be examined in detail, foresees that control of the club remains in the hands of president Silvio Berlusconi and Fininvest, which will have an absolute majority share of 52%. The consortium represented by Mr Taechaubol will acquire instead a minority stake of 48%."

On the field, AC Milan have endured a miserable season, struggling to a tenth-placed finish in Serie A.