(Yicai Global) July 18 -- Baidu Inc. [NASDAQ:BIDU], a major Chinese Internet and technology firm, may be about to buy Italian soccer club AC Milan for USD437 million, according to Chinese state broadcaster CCTV.
A team led by Baidu President Li Yanhong has made progress in talks with AC Milan and is expected to take over the club, CCTV reported.
The club's current owner, former Italian Prime Minister Silvio Berlusconi, recently told the Italian press that he was about to sell 'Rossoneri' (The Red and Blacks), a reference to the club's colors, to a Chinese consortium.
Last month, Inter Milan, another Italian football club also based in Milan, sold 70 percent of its equity to Chinese retailer Suning Commerce Group Co. Suning owns a football club in the Chinese Super League, Jiangsu Suning.
Under Berlusconi's leadership, AC Milan won five Champions League titles including the former European Championship League Cup, and eight Series A titles in Italy, making it the world's most successful soccer club in the 1980s and the 1990s.