Italy's Berlusconi to finalise stake sale after summer

Italian former prime minister Silvio Berlusconi is to sign a binding pre-accord to sell 48 percent of his AC Milan soccer club to Thai businessman Bee Taechaubol in the next few days with a final deal to be inked after the summer, a source close to the matter told Reuters on Thursday.

The Serie A soccer club is owned by Fininvest, Berlusconi's family holding company which also controls Italian TV broadcaster Mediaset and publisher Mondadori.

Berlusconi gave his blessing to sell the stake to a consortium led by Taechaubol in June, giving the prospective buyer eight weeks of exclusive talks to finalise a deal. This deadline expires at the end of July.

AC Milan, seven times European champions, have been a central part of Berlusconi's media and political empire for three decades. But the club has lost some of its shine in recent years.