Italian businessman and former prime minister Silvio Berlusconi has agreed to sell famous soccer club AC Milan to a Chinese consortium for 740 million euros ($820 million).

Despite a recent slump, AC Milan is one of Europe's elite football clubs. It has won the European Cup and UEFA Champions League seven times, a record beaten only by Spain's Real Madrid.

According to a preliminary agreement with Berlusconi's Fininvest holding company, the new Chinese owners have promised to pump 350 million euros into the club over three years, with the first 100 million euros due when the deal closes later this year.

Led by Yonghong Li, the group buying AC Milan also includes Haixia Capital and a Chinese state-owned investment company.

In a second deal announced Friday, English club West Bromwich Albion was sold to Chinese construction entrepreneur Guochuan Lai for an undisclosed sum.

Chinese investors have been buying up foreign companies at a record rate this year, in part to compensate for slowing growth at home.

Soccer clubs are proving particularly popular targets. Here are a few other recent Chinese acquisitions in the sport:

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China ti take over.