Consortium begins exclusive negotiations, says the team's holding company, Fininvest

A group of unidentified Chinese investors are in exclusive talks to buy AC Milan, the Italian Serie A soccer club, according to Fininvest, the holding company for the team.

Fininvest, which is controlled by former Italian prime minister Silvio Berlusconi's family, said the club is valued at about 700 million euros ($797.5 million), including debt.