Berlusconi denies reports he plans to sell AC Milan

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© Reuters

Former Italian Prime Minister Silvio Berlusconi

 Former Italian Prime Minister Silvio Berlusconi has denied the latest media reports that his AC Milan soccer club was up for sale, saying he was not ready to part with the team he has owned since the 1980s.

A statement from the media tycoon-turned-politician's office said on Wednesday that talk of a sale of the former European champions was "without foundation".

According to daily La Repubblica, Berlusconi has expressed the desire to sell a club he bought in 1986 and which has been European champions five times since.

Once mighty Milan finished eighth in Italy's Serie A in 2013/14, missing out on European soccer and they are currently eighth at the halfway point this season.

The sale of Milan, which Berlusconi owns through his family holding company Fininvest, was just a question of time and price, the newspaper said.

But it added that finding a buyer willing to pay up to 800 million euros ($930 million) was not an easy task.

Berlusconi, 78, denied Milan was up for sale in April after reports claimed that Singaporean businessman Peter Lim was ready to spend 500 million euros for a majority stake.

Milan were mocked on social media this week over reports that they had sold their luxurious team bus to cut costs.