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Apr 24, 2014

AC Milan takeover reports denied

AC Milan's majority stakeholder has once again denied reports of a takeover bid for the Serie A club.

Paul: El Shaarawy return will be most welcome

Reports in Thursday's La Gazzetta dello Sport claimed that Singapore-based businessman Peter Lim had tabled a 500 million euro offer for the club. This was swiftly rejected by Fininvest, the company owned by honorary president and former Italian Prime Minister Silvio Berlusconi.

AC and Inter currently share the San Siro stadium.
Milan have suffered a decline in both financial and football success in recent years.

A statement released on the Serie A club's website said: "In reference to the rumours reported by the press, Fininvest once again denies any possibility of the control of Milan being relinquished."

The denial does not rule out the possibility of Lim acquiring a significant stake in the club, however. Fininvest last month made a cash injection to cover an operating loss and fresh funds, without constituting a takeover, would be welcomed.

According to La Gazzetta, Barbara Berlusconi, who is responsible for the club's commercial and marketing activities, is in talks with Chinese billionaire Zong Quinghou about investing in the club, just as long as Berlusconi Sr.'s Fininvest keeps hold of a 51 percent controlling stake.

Earlier this week, Barbara Berlusconi admitted that increasing revenue was as much a priority for the club as success on the pitch.

"This is a segment which is expanding and there's still a lot to do," she told Spain's edition of Vanity Fair magazine. "There are numerous collateral activities which can generate huge profits, like the sale of shirts and sponsorships. It's not only important to win titles, but also to make money."

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