MILAN (AP) — Silvio Berlusconi is back in the soccer business.
Less than 18 months after selling AC Milan, Berlusconi's family holding company Fininvest says it has acquired 100 percent of Serie C club Monza in a deal reportedly worth between 2.5 million and 3 million euros ($3 million-$3.5 million).
The 81-year-old Berlusconi, a three-time Italian premier, sold AC Milan to a Chinese-led consortium for $800 million in April 2017. U.S.-based hedge fund Elliott Management then took over control of Milan two months ago after the Chinese owner missed a deadline to repay part of a loan.
Former Milan vice president Adriano Galliani was nominated Monza's CEO.
The new ownership team has pledged to bring Monza, which is located just outside Milan, up to Serie A. Societa Sportiva Monza 1912, as the club is officially called, has never made it to the top division.
Under Berlusconi's ownership, Milan won 29 trophies in 31 years.
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