AC Milan deny stake sale to Manchester City’s Arab owners

Italian soccer league giants AC Milan have described as speculation reports that they have held discussions with the Abu Dhabi United Group over the sale of a 40 per cent stake in the Serie A club. The Abu Dhabi United Group for Development and Investment (ADUG) has only recently become owner of Manchester City, the English Premier League A Division club.

Reports in Italian newspaper Corriere della Sera claimed Tuesday that ADUG had expressed an interest in picking up a stake in AC Milan and that an offer of €500 million ($636 million) may well be on the cards.

However, AC Milan owner, Italian prime minister Silvio Berlusconi, has dismissed the report outright, denying any negotiations had taken place.

A statement said: "In relation to what has been published this morning in Corriere della Sera about a possible sale of part of the club, (holding company) Fininvest and AC Milan announce that the news is without foundation."

A Fininvest statement said: "Fininvest Spa, which controls AC Milan, denies in the most categorical manner press speculation concerning possible changes to the football club's assets. This is a journalistic hypothesis without any basis."

AC Milan and Manchester City were recently in the headlines when the latter launched a reported £100million bid for Brazilian star Kaka. The Brazilian however resisted all temptations and chose to remain at San Siro.

The ADUG is a United Arab Emirates private equity company owned by Sheikh Mansour bin Zayed Al Nahyan, a member of the Abu Dhabi royal family.

ADUG bought Manchester City Football Club in September last year from its previous owner Thaksin Shinawatra, former Prime Minister of Thailand.