A consortium of Chinese investors has agreed to buy the A.C. Milan soccer team, ending Silvio Berlusconi’s 30-year ownership and an era in Italian soccer.

Former Italian Prime Minister Silvio Berlusconi’s family holding company sold the historic football club to Sino-Europe Sports Investment Management Changxing Company for 740 million euros. The total value of the purchase includes 220 million euros in debts.

The Chinese investors also committed to capital increases and financial injections totalling 350 million euros over the next three years. Analysts see Friday’s purchase as a shift in Italian football.

“I think foreign investment is a huge opportunity for the Italian soccer industry, which could further boost the development of soccer industry,” said Prof. Francesco Di Ciommo, Luiss University.

Many Milan fans expressed hope that the new Chinese owners would bring new glory to their financially troubled team.

With the takeover, both of Milan’s football teams now have Chinese owners. Chinese retail giant Suning Commerce agreed to buy 68.55 percent of Inter Milan for about 270 million euros in early June.