Silvio Berlusconi has said he will "take my Milan back" if the proposed takeover of the club by a Chinese consortium is not completed by Dec. 13.
A consortium of Chinese investors have called two board meetings -- one on Dec. 2 and the other on Dec. 13 -- for final approval to be given.
But Berlusconi warned that the deal will be called off if all the necessary paperwork is not completed by then.
"The completion will be Dec. 13, it's all done," the former Prime Minister told Canale 5.
"But if it does not get completed then, I will take my Milan back -- and would do so with great pleasure."
Berlusconi, whose Fininvest group are the official majority shareholders, has already received more than €100 million from the consortium, and that deposit would remain his if they do not pay the remaining €420m, due next month.
He said that if the sale fell through "I would change our strategy... we would have a totally Italian and very young Milan."
But he stressed that, after three decades at the helm the time was right to sell.
"I don't regret it because it was a necessary choice," he added. "I made it with great remorse, but I made it because football has changed.
"Fresh money has arrived from the Arabs and there's no longer the chance for a family to compete. Football has become a game of monopoly.
"Milan need to return to world class levels and big investment is necessary. I sought Italian people but I was unable to form a consortium.
"I tried to do it like Real Madrid and Barcelona, with different shareholders, but there was nothing doing. In the end, I had to accept the only offer."