AC Milan has denied a report that the Abu Dhabi United group will purchase 40 per cent of the club.

Milan and club president Silvio Berlusconi's Fininvest holding company issued a joint statement saying that "the news has no basis."

Italy's leading newspaper, Corriere della Sera, reported yesterday that after failing to purchase Kaka, Abu Dhabi United had switched its focus to buying part of Milan. The paper did not cite any sources, but said the offer would be €500 million (US$640 million).

Last month, Milan playmaker Kaka rejected a reported 100 million pound transfer offer from Manchester City, which is controlled by Abu Dhabi United.

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

(Agencies via Shanghai Daily Feburary 25, 2009)