Rumoured Wolves buyer Robin Li believed to be behind AC Milan takeover

The man believed to be close to buying Wolves is thought to have agreed a takeover deal with AC Milan as part of a Chinese consortium.

Milan president Silvio Berlusconi has confirmed he will sell the Italian giants to Chinese investors.

Baidu founder Robin Li, a multi-billionaire and China's sixth-richest man, is said to be part of the consortium. However it is not thought that the prospective Italian purchase will impact on negotiations with Wolves.

Berlusconi said said there was a commitment from investors to pay £340m over two years.

"There is a commitment from the new investors to pay €400m over the next two years and I'm selling the club to people who can bring it back to where it belongs," Berlusconi said.

"I had a period of 26 years which then became 30. My concern is that during the last four years, I have not managed to do things as I did in the past," he said.

"The choice I am making is an important one. I want to deliver AC Milan to people who can make the club a major force again not only in Italy but in Europe and the world."