AC Milan's supporters cheer during a training session on the eve of the International Champions Cup football match between AC Milan and Real Madrid in Shanghai on July 29, 2015.  [Photo/AFP]

A Chinese consortium agreed to take a higher initial stake of 80 percent in Italian Serie A soccer club AC Milan, with the remaining 20 percent to be acquired over the next two to three years, a person familiar with the negotiations told China Daily.

"Two parties are discussing the 80 percent takeover by the Chinese investors, and the negotiation is still continuing," the person said, "the price of the Rossoneri (AC Milan) is valued between 700 million to 750 million euros, including 200 million euros of debt."

Previously discussions had centered around a 70 percent initial stake.

Former Italian Prime Minister Silvio Berlusconi, whose Fininvest investment group owns the club, will become an informal advisor to the new owner and be honorary president of the Club.

The Italian side is confident that the final agreement is likely to be reached in the first week of July, although some important legal and financial details are still to be agreed upon. The final formal decision will be made by Berlusconi once all the documents are ready, the person added.

The exclusive period of the talks was previously scheduled to expire on 20 June, and deadline for the negotiations was postponed to at least 30 June due to Berlusconi’s need for heart surgery.

"Chinese investors understand Berlusconi is still in hospital and are willing to extend the negotiations beyond the proposed date, but I am positive that the deal is likely to be reached early next week, without any sudden changes," the person said.

China's retail giant Suning Commerce Group agreed to acquire 68.55 percent stake of the Inter Milan, AC Millan's great rivals, on 6 June, a deal worth 270 million euros.

Simon Chadwick, a professor of sports enterprise at Salford Business School in Manchester, UK, said Chinese interest in Italian football is a big signal of vision and intent, as well as the opportunity to acquire new knowledge from leading European clubs, and for Italian football, it is a new beginning given its struggles over the last decade.

"We can see how important this relationship is from the Italian football federation staging its super cup games in China. If AC Milan is bought by Chinese investors and can play some games in China, the potential for deep and meaningful fan engagement is huge," he added.

Contact the reporter on wangmingjie@mail.chinadailyuk.com