AC Milan owner Silvio Berlusconi sold the much-vaunted Italian soccer club to Chinese-owned Rossoneri Sport Investment Lux on Thursday in a deal that values the club at 740 million euros ($787 million).

Fininvest, Berlusconi's company, released a statement on Thursday afternoon confirming the sale after both parties, including Han Li, general director of Luxembourg-based Rossoneri, had signed off on it at Milan law firm Gianni Origoni & Partners at around 10:30 am.

Berlusconi and club Vice-President Adriano Galliani will step down, and the takeover will be officially ratified at an AC Milan shareholder's meeting on Friday, when new directors will be appointed, according to the statement. The ratification is ceremonial since Berlusconi's company Fininvest controls 99.93 percent of shares in the club.