Italian giants AC Milan have been sold to Chinese consortium Rossoneri Sport Investment Lux following almost two years of negotiations.

The news was confirmed in a statement from previous holding company Fininvest, who have sold their 99.9% stake to the investment group for a deal in the region of £628m.

The Serie A club have been owned by former Italy prime minster Silvio Berlusconi since 1986, but a disappointing few seasons for the Milan giants has led to a change of ownership.

"Fininvest has completed the sale of the entire stake owned in AC Milan - equal to 99.93% - to Rossoneri Sport Investment Lux," the statement confirmed.

"The closing is the last step of the purchase agreement signed on August 5, 2016 and renewed on March 24 by Fininvest CEO Danilo Pellegrino and David Han Li, as a representative of Rossoneri Sport Investment Lux.

"The terms of the agreement are the same as disclosed in August and reflect an aggregate evaluation of AC Milan equal to €740m, which includes the club's indebtedness, equal to €220m (£187m) as of June 30, 2016."

"A €90m (£76m) refund for AC Milan's running costs anticipated by Fininvest from July 1, 2016 hitherto adds up to the evaluation. The buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan's financial structure."

AC Milan have not won Serie A since 2011, while they have finished seventh, 10th and eighth in Italy's top flight in the last three seasons.