Thai businessman, Bee Taechaubol, claimed on Monday he is in negotiations to buy a majority stake in Italian football club AC Milan from Italy's former prime minister Silvio Berlusconi.
"I cannot say anything in detail at the moment [otherwise I might breach [the contract] with our [business] partner. If there is any progress or if anything can be disclosed I will let you know," Mr Bee said.
Speculation that a Thai investor had expressed an interest in buying a 30% stake in the Serie A club has been circulating widely in Italian media reports since last month.
The Berlusconi family's holding company, Fininvest, issued a statement in January denying reports the club was up for sale, saying the ex-premier did not want to sell his stake in the seven-time European champions. He has owned the club for 20 years.
Italian media reports also claimed there was an agreement signed by the two parties with an investment of 300 million euros (11.1 billion baht) for a 30% holding. However, the whole club is valued at about 1 billion euros not including the capital investment required for its new stadium.
The Italian media also said the agreement would allow Thai investors sole rights to buy up AC Milan within three years.
On Saturday, Fininvest denied wanting to sell a majority stake in the club or that any agreement or pre-contract had been signed. The holding firm did admit to talks with potential investors for a minority stake in the world-famous club.
A financial industry source said since a potential deal would likely be worth more than 10 billion baht, Mr Bee would need several partners to be able to afford one of the world's most expensive football clubs.
Mr Bee is the chief executive of Country Group Securities.