The long winded deal began last summer. It was thought a consortium fronted by Chinese businessman Yonghong Li would buy the club, but their pursuit failed.
Instead, the club has been taken over by Rossoneri Sport Investment Lux - previously known as Sino-Europe Sports, with promises of returning AC Milan to their former greatness.
Since winning the Scudetto in 2011, Milan have slipped into mid-table, finishing eighth, 10th and seventh in the last three seasons.
Previous owner Silvio Berlusconi, who was in charge for over 30 years, had limited his monetary input as he looked to sell. Now he has done so, a newly moneyed Milan - and similarly rich rivals Inter - could next season finally challenge Juventus' monopoly.
In a statement published on the AC Milan website, Berlusconi's family holding Fininvest said it had sold its entire 99.93 percent stake in the club to Luxembourg-based Rossoneri Sport Investment Lux.
The deal had been provisionally agreed on August 5, but persistent problems meant that the takeover was not completed officially for another eight months.
The new owners have also agreed to take on Milan's debts, which the statement said are worth around £186.5million. The statement also confirmed the new board positions will be confirmed on Friday.
Milan are currently sixth in Serie A, 10 points off the Champions League qualification places with seven games to play.
The 18-time Scudetto winners and seven time European champions have fallen on comparatively hard times in recent seasons as Berlusconi limited his investment in the team - they have not qualified for European football in the last three seasons and last won the league in 2011.
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