Jorge Mendes involved in AC Milan takeover bid - reports

Cristiano Ronaldo's agent Jorge Mendes is part of the latest syndicate to have launched a bid for AC Milan, according to multiple reports in Italy.

Milan have been up for sale for over a year now, with two takeover bids effectively failing. Thai businessman Bee Taechaubol was the first to enter into negotiations -- and actually sign an agreement -- with current president Silvio Berlusconi in August 2015.

That move broke down in October when Berlusconi had a change of heart, but a new Chinese group came forward in January with a bid that, unlike Taechaubol's, would have seen them take over a majority share in the Italian club.

The group signed an agreement allowing it exclusivity in negotiating terms with Berlusconi that expired on Aug. 1, without any resolution.

According to La Gazzetta dello Sport, Guo Guangchang, whose Fosun Group last week acquired Wolverhampton Wanderers, is heading a new group of investors that includes Mendes and that could complete a takeover within weeks.

La Repubblica reported that the group is keen on completing a takeover before the Italian national holiday of Aug. 15. That would allow a fortnight to invest in new players before the transfer window closes, with Gianluca Lapadula still the only new face to have arrived this summer.

La Gazzetta reports that Milan are valued at €700 million. With an estimated revenue of €11.1 billion, the Fosun Group, which already owns real estate in Milan, would be able to cover the takeover with its profits from 2015 alone, and still have €400m spare.

The last three seasons have been Milan's worst in terms of on-field results in the three decades Berlusconi has been at the commands.

The takeover saga has added to frustration among Milan fans, and a group of Rossoneri followers recently protested outside Berlusconi's home over the matter.