AC Milan president and owner says reports he is bankrupt are 'fake news'
- Published
Li Yonghong's Rossoneri Sport Group paid £628m to buy AC Milan in April 2017
AC Milan president and owner Li Yonghong says reports he has been declared bankrupt are "fake news".
Li's Rossoneri Sport Group paid £628m to buy the Serie A club in April 2017.
Italian newspaper Corriere della Sera, external said Li was having to auction his assets off to settle his debts.
In a statement,, external Li said the allegations have "severely damaged" the club, his companies and family, adding: "The situation concerning my assets is safe and sound."
"Both the club and my companies are steadily working. I, therefore, hope that no credit is given to the latest news that isn't true."
AC Milan are seventh in Serie A, 25 points behind leaders Napoli, despite spending £200m in the summer transfer window.
The seven-time European champions sacked manager Vincenzo Montella in November and replaced him with former midfielder Gennaro Gattuso.