Fininvest: AC Milan control not for sale

Fininvest: AC Milan control not for sale

In this May 9 file photo, former Italian Premier Silvio Berlusconi smiles as he leaves the
In this May 9 file photo, former Italian Premier Silvio Berlusconi smiles as he leaves the "Sacra Famiglia" foundation in Cesano Boscone, near Milan, Italy. Mr Berlusconi said on Monday he was not interested in selling control of AC Milan, following reports of an offer being made for the football club by Thai businessman Bee Taechaubol. (AP photo)

MILAN – Former Italian prime minister Silvio Berlusconi said on Monday he was not interested in selling control of AC Milan, following reports of an offer being made for the football club by Thai businessman Bee Taechaubol.

Mr Bee, executive director of southeast Asian private-equity group Thai Prime Company Ltd, confirmed on Monday he had made an offer of 1 billion euros to buy a majority holding in the club.

Mr Bee also a co-owner of the Global Legends Series Bangkok series of charity football matches that feature famous veteran soccer players.

He said he wanted to buy more than a 50% stake in the football club, but not whole ownership.

Bee was confident of completing a deal within a month. A statement was issued on Saturday from Mr Berlusconi's holding company, Fininvest. It said that no such deal had been concluded, but admitted negotiations were underway, according to a report in Eurosport.

However, today, Fininvest said in a statement there were no talks about selling the club, which Mr Berlusconi has owned since the 1980s.

"Fininvest reiterates it is not interested in selling a majority stake in AC Milan," it said.

"Various parties have shown interest in a partnership involving Milan but, having said that, Fininvest categorically denies the existence of talks of any substance and of any pre- agreement or decisive meetings on the agenda," it added.

One of Italian soccer's most prestigious clubs, Milan has struggled since last winning the country's Serie A premier league title in 2011.

The club, which employed four different head coaches last year, are 11th in the 20-team standings following a 1-1 draw with Empoli on Sunday. They trail leaders Juventus by 24 points with 15 games to go.

Despite the on-field issues, the club was ranked the 10th richest in world football by Deloitte last month with revenue of $250 million for the 2013-14 season.

If a deal is concluded Milan would follow its local rival in being bought by south east Asian investors after Indonesian Erick Thohir headed a group which acquired a 70% stake in Inter Milan in 2013.

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