A spokesman for Elliott Management denied “false reports” that they were seeking new investors for Milan.

There had been suggestions in various Italian papers over the last few days that up to 25 per cent of the club shares would be sold, most likely to investors in Saudi Arabia.

“Elliott have not given Unicredit or any other bank the mandate to sell a minority share in AC Milan,” a spokesman told news agency Ansa.

“Recent reports to the contrary are false.”

A spokesman for Elliott Management denied “false reports” that they were seeking new investors for Milan.

There had been suggestions in various Italian papers over the last few days that up to 25 per cent of the club shares would be sold, most likely to investors in Saudi Arabia.

“Elliott have not given Unicredit or any other bank the mandate to sell a minority share in AC Milan,” a spokesman told news agency Ansa.

“Recent reports to the contrary are false.”

US hedge fund Elliott took over control of the Serie A club after previous owner Yonghong Li defaulted on loan repayments.

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