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The managing director of private equity firm GSR Ventures Sonny Wu has signed a binding agreement with Silvio Berlusconi Authentic Rudy Gay Jersey , the president of AC Milan, through a special purpose vehicle to take over the Italian soccer team, domestic news portal caixin reported on Saturday.

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Another Chinese businessman Steven Zheng and a European boutique investment bank specializing in sports business also helped in the deal, caixin said.

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According to the source, Wu was near closing the deal after various consortiums that initially showed an interest in the club pulled out.

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AC Milan reported a loss of 93.50 million euros in fiscal 2015, according to the company's financial statement. The company's losses totaled 270 million euros over the past five fiscal years, domestic news portal ifeng reported in April.

GSR Ventures was established in 2004 to invest in domestic high-tech start-ups that focus on the global market. caixin said.

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