AC Milan CEO Adriano Galliani believes that the club's impressive pre-season form has proven that coach Massimiliano Allegri remains in possession of a strong squad.
The sale of star duo Zlatan Ibrahimovic and Thiago Silva to Paris Saint-Germain, coupled with the arrival of just one high-profile player in the form of Riccardo Montolivo, has prompted many pundits to write off the Rossoneri's title hopes, while some San Siro season ticket holders are even seeking refunds.
However, Galliani is of the opinion that last week's 1-0 victories over Chelsea and Schalke has underlined that Milan are still a force to be reckoned with.
"In less than a week we have beaten the reigning European champions and the team ranked third in the Bundesliga," he declared. "This confirms the fact that we have a good squad available to us.
"[Daniele] Bonera is proving himself to be a great defender, while the defence is holding up well.
"In the attack, the fact that we did not give so many points of reference makes us dangerous and unpredictable; midfielders like [Urby] Emanuelson are linking up well.
"But obviously the most important thing is always the spirit with which we deal with things."
Some Milan fans are still hoping that the club might yet make a major splash in the transfer market but Galliani, who recently argued that Italian sides are no longer in a position to attract the game's biggest names, has ruled out any major investments.
"The top players, I have already said, should not be bought, but created," the Monza native declared.
Milan, who finished second to Juventus in Serie A last season, will kick off their 2012-13 campaign against Sampdoria on August 26.