Silvio Berlusconi agrees AC Milan stake sale by end September

Milan: Italy`s former prime minister Silvio Berlusconi has signed a pre-sale agreement to sell 48 percent of his AC Milan soccer club to a group led by Thai businessman Bee Taechaubol by the end of September, a spokesman for holding company Fininvest said on Sunday.

"A deadline of September 30 has been set for transfer of the stake and payment of the 480 million euros by September 30," the Fininvest spokesman told Reuters.

The Serie A soccer club is owned by Fininvest, Berlusconi`s family holding company which also controls Italian TV broadcaster Mediaset and publisher Mondadori .

The deal was signed by Fininvest and Taechaubol and approved by Berlusconi, the spokesman said.

The comments confirmed an instagram posted by the Thai businessman.

"A great honor to complete the AC Milan Agreement with President Berlusconi, a phenomenal leader," the instagram said.