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Silvio Berlusconi's company Fininvest insist it will not relinquish control of the club, despite reports of a 500 million euro offer for the Italian club.

AC Milan chiefs have reiterated that the club is not for sale, despite rumors of a takeover by Singapore businessman Peter Lim.

Italian media claimed on Thursday that the billionaire investor had offered 500 million euros for a majority stake of the San Siro outfit.

As well as Lim, reports claim that Chinese beverage magnate Zong Qinghou is also eyeing a potential takeover.

However, Fininvest - controlled by Milan chairman Silvio Berlusconi - has issued a denial and insisted there will be no change in ownership, having already moved to quell the rumors in March.

A statement read: "With regard to rumors reported by the press, Fininvest again denies any possibility of transfer of control of Milan."

Milan has had a tumultuous season on and off the pitch.

Rumors of a dispute between joint vice-chairs Adriano Galliani and Barbara Berlusconi have been prominent throughout the campaign, while on the field Milan is 39 points off league leader Juventus and currently sits seventh.

There has been an upturn in fortunes in the past month, however, as Clarence Seedorf's men have racked up five consecutive Serie A victories, giving them a chance of sealing a spot in the Europa League.

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