AC Milan owner Silvio Berlusconi has signed a preliminary agreement to sell 30 percent of the club to Bee Taechaubol following a meeting between the Italian media magnate and the Thai businessman, according to reports Sunday. Speculation surrounding the sale or part sale of the seven-time European champions has swirled in recent months with Taechaubol now touted as the leading contender to purchase a sizeable share in the legendary Serie A club. Last month Chinese billionaire Wang Jianlin, who recently bought influential Swiss sports marketing giants Infront for 1.05 billion euros ($1.2 billion) as well as a 20 percent stake in defending Spanish champions Atletico de Madrid, had entered the fray as a possible investor. But a report in Sunday's La Gazzetta dello Sport claimed Berlusconi and Taechaubol held a meeting at Berlusconi's family home in Arcore last week where a "preliminary agreement was put down in black and white." It said a financial broker from the Rothschild bank was in attendance for the signing of a ‘memorandum of understanding' between the parties and that the proposal would "now go through a process of due diligence." The deal would see Taechaubol acquire a 30 percent share in the club at the end of May for 250 million euros. If Berlusconi goes back on the decision he would be liable to pay a penalty amounting to 10 percent of the price of the 250 million euros stake.