MILAN (AP) -- Silvio Berlusconi is close to selling a 48-percent stake in AC Milan to a Thai investor.
The deal with Bee Taechaubol would be worth up to 470 million euros ($530 million), the Gazzetta dello Sport reported.
''For now it's a deal that must be confirmed but it's good for Milan,'' Berlusconi said after meeting with Bee on Friday, according to the ANSA news agency. ''We want to move forward and make Milan a contender again.''
Fininvest, the holding company for Berlusconi's business interests, said the 78-year-old former Italian prime minster had approved a deal to negotiate exclusively with Bee for two months.