AC Milan owner says bankruptcy claims are 'fake news'

Li paid around €650million to purchase the 'Rossoneri' last April through his Rossoneri Sport Group, and has invested significantly in the team since. However, 'Corriere della Sera' said today that he was having to auction off his assets to settle outstanding debts. 

In a statement he said: "I have seen that over the past 48 hours, some media have irresponsibly reported fake news that has damaged the Club, my companies, my family and myself.

"Following these reports and irresponsible news reports, I would like to calm down the environment around the club and the team.

"The situation concerning my assets is safe and sound and that both the Club and my companies are steadily working."

Milan spent over €200million in the summer but find themselves 7th in Serie A, 25 points behind leaders Napoli. Gennaro Gattuso has been appointed manager to the seven-time European champions after they sacked Vincenzo Montella in November.