AC Milan owner Berlusconi jailed for seven years

The 76-year-old has been found guilty of sex and corruption offences and also banned from taking up political office pending an appeal

AC Milan president Silvio Berlusconi has been sentenced to seven years in prison after being found guilty of charges of corruption and soliciting an underage prostitute.

The 76-year-old was accused of paying for sex with Moroccan girl Karima El Mahroug in 2010, when she was 17, as well as abusing his position in public office for attempting to force her release from police custody over a charge of petty theft.

Real Madrid usurp Manchester United as richest club in the world, followed by Barca, then Arsenal

Barcelona have risen 99 per cent in value over the last 12 months while the Red Devils see their top position crumble as the Blancos take over in Forbes' top 20 rankings

Real Madrid have usurped Manchester United as the richest football club on the planet for the first time since Forbes magazine began their rankings in 2004.

The Red Devils have sat at the top of the list for nine years in a row but Jose Mourinho's men are now worth $135 million more (€103m) at $3.3 billion (€2.429bn), while Sir Alex Ferguson's side sit second in the business magazine's most valuable club list.

Sports : Pato joins Corinthians from AC Milan in €15m deal

The Brazil international has returned to South America after leaving for San Siro in 2007, and will wear the No. 7 shirt at the reigning Club World Cup champions