The overall deal for the sale of soccer club AC Milan to a Chinese-led consortium is worth 1 billion euros ($1.06 billion), the club's CEO designate Marco Fassone said on Friday.

The Chinese investors are paying 740 million euros for the club, including debt.

On top of that, 100 million euros would be paid to cover management costs in the run-up to the closing of the deal, while around 160 million euros would be invested in the club, Fassone told a press conference presenting the agreement.