Rossoneri Sport Luxembourg has completed its takeover of AC Milan after previous owner Silvio Berlusconi officially sold the club after 31 years in charge.

According to MailOnline's Matthew Smith, the purchase has been valued at €740 million (£627.5 million). Football Italia provided an official statement confirming the transfer of ownership on Friday, which read:

Fininvest had today finalised the sale to Rossoneri Sport Investment Lux the entire stake, amounting to 99.93 per cent in AC Milan.

Today's finalisation gives full effect to the takeover agreement signed by the managing director of Fininvest, Danilo Pellegrino, and David Han Li, the representative of Rossoneri Sport Investment Lux on August 15, 2016 and renewed on March 24 of this year.

The details of the agreement are those announced and provide an overall valuation of AC Milan at €740m, consisting of a debt burden evauated on June 30, 2016, as per the agreements between the parties, of around €220m. 

Friday's announcement brings an end to one of the strongest regimes in European football history, and while Milan aren't the powerhouse they once were, fans won't soon forget the success that occurred under Berlusconi's reign.

It was during the late 1980s and early '90s that the Rossoneri enjoyed their run of trophy stardom, and OptaPaolo provided a breakdown of Berlusconi's trophy haul, notably in European competition:

OptaPaolo @OptaPaolo

29 - AC Milan have won 29 trophies in the Berlusconi era, including 5 European Cups/Champions League. Closing.

As explained by Football Italia's report, it was thought a consortium fronted by Chinese businessman Yonghong Li would buy the club, although their pursuit of the Italian juggernaut ultimately fell down.

Instead, the club has been taken over by Rossoneri Sport Luxembourg—previously known as Sino-Europe Sports until receiving investment from an American hedge fund to boost their purchase bid.

The takeover sees Rossoneri Sport Luxembourg take on Milan's substantial €220 million (£186.5 million) debt and, in theory, promises big things to come in future from an Italian powerhouse that's struggled to compete in recent years.

Bleacher Report's Adam Digby spoke promisingly of what the future holds for the San Siro outfit under new ownership:

Adam Digby @Adz77

Finally #Milan fans have hope that their club has a future, & Serie A's sleeping giant might finally stir from a Berlusconi-induced slumber

Gianluca Di Marzio reporter David Amoyal concurred that a strong Milan is what's best for Serie A overall and the level of competition in the league:

David Amoyal @DavidAmoyal

I was very skeptical with Milan sale, congrats to all those who never stopped believing,best thing for Calcio is for Milan to be Milan again

Since winning the Scudetto in 2010-11, Milan have gradually slipped further from title contention, finishing second, third, eighth, 10th and seventh in the seasons that followed, in that order.

Milan haven't competed in the UEFA Champions League for the past two seasons and have slim hopes of doing so next term as they sit sixth in Serie A, although big things may lie on the horizon now their change of ownership is finally complete.

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