AC Milan have put back the proposed sale of the club to a consortium of Chinese investors until March 3 with funds to complete the deal yet to arrive.
The Sino Europe Sports (SES) group, heading the negotiations to buy the club from Silvio Berlusconi's Fininvest company, was due to complete the takeover by Dec. 13, the date for which a board meeting had been called.
However, delays in releasing and transferring the funds from China have seen the consortium request and obtain an extension, with the Serie A club announcing on Wednesday that an additional two-and-a-half months have been set aside for the finalisation of the transaction.
A joint statement released by Fininvest and SES, and published by Gazzetta dello Sport, announced that they have "reached an agreement which puts back until March 3 the deadline by which the sale of Fininvest's stake in AC Milan is to be concluded."
As part of the agreement, the Chinese investors will transfer a further €100 million, in addition to the €100m they already paid when the preliminary agreement was signed, by Dec. 12 -- a day before the deal was originally due to be concluded.
Berlusconi last week allayed fears that the deal may fall through, although he did admit that he would not be unhappy were he to be forced to extend his 30-year ownership of the Rossoneri.
Milan are currently in their strongest position in the past three years and are challenging for a return to the Champions League next season, although Berlusconi maintains that he cannot finance the club alone and, with a heavy heart, has said that it is essential that the sale goes through to give them a brighter future.
In the meantime, the delay in the takeover could affect the club's ability to sign new players during the January transfer window, although both Fininvest and SES say they will be in close consultation about what funds can and will be spent.