Former Italian prime minister Silvio Berlusconi said yesterday he was not interested in selling control of Milan, following reports of an offer being made for the soccer club by a Thai businessman.

Earlier yesterday local media had said Bee Taechaubol, executive director of southeast Asian private equity group Thai Prime Company Limited, had offered €1 billion for a controlling stake in Milan.

Taechaubol is also a co-owner of the Global Legends Series (GLS) Bangkok series of charity matches that feature famous veteran soccer players.

The Bangkok Post said that Bee wanted at least a 50 per cent stake in the seven-times European champions but not complete ownership.

Bee was confident of completing a deal within a month, the report added.

The businessman could not immediately be reached for comment by Reuters.

But Fininvest, the Berlusconi holding company that owns Milan, said in a statement there were no talks about selling the club, which Berlusconi has owned since the 1980s.

“Fininvest reiterates it is not interested in selling a majority stake in AC Milan,” it said.

“Various parties have shown interest in a partnership involving Milan but, having said that, Fininvest categorically denies the existence of talks of any substance and of any pre-agreement or decisive meetings on the agenda,” it added.

One of Italian soccer’s most prestigious clubs, Milan has struggled since last winning the country’s Serie A title in 2011.

The club, which employed four different head coaches last year, are 11th in the 20-team standings following a 1-1 draw with Empoli on Sunday. They trail leaders Juventus by 24 points with 15 games to go.

Despite the on-field issues, the club was ranked the 10th richest in world football by Deloitte last month with revenue of $250 million for the 2013-14 season.

If a deal is concluded Milan would follow its local rival in being bought by south east Asian investors after Indonesian Erick Thohir headed a group which acquired a 70 per cent stake in Inter in 2013.