AC Milan president Silvio Berlusconi has revealed he has reached an agreement for the sale of the Serie A club.

In addition to the sale, Berlusconi is reportedly confident the club’s new owners will invest as much as €400 million in the side over the next two seasons, which the tycoon believes will restore Milan’s pedigree.

Milan, who were a major force in Europe less than a decade ago, have fallen into a deep decline in recent seasons, finishing outside the top six log positions for the last three years in succession.

‘I have sold AC Milan to a group that can relaunch them and bring them back to the top in Italy, Europe and the world,’ Berlusconi told reporters, reports Goal.

‘I demanded that they invest at least €400m for the market over the next two years. They are an important group, with an involvement of the Chinese state,’ he added.

Milan were last crowned Champions of Europe in the 2006-07 season while the side last won the league in the 2010-11 season. Since the fall from grace of the Milan clubs, Juventus have surged to five Serie A titles in succession.