AC Milan's takeover by Chinese consortium Sino-Europe has been delayed until the end of March.

Current owner Silvio Berlusconi agreed to sell the club to the firm last August and has since accepted £170m in non-refundable deposits as they attempt to get the required funding together.

The consortium were unable to meet the latest sale deadline of March 3 and are now thought to have agreed to pay another non-refundable deposit of £85m in order to extend the deadline until March 31.

The £622m deal is thought to be the biggest ever Chinese investment in a European club and includes its £185m of debt.

Former Italian prime minister Berlusconi, who will keep the club and pocket £255m if the deal ultimately falls through, has been in control at San Siro since 1986.