AC Milan's owners have denied that they are looking to sell the club to a foreign investor.

It was suggested Libyan sovereign funds could purchase the Serie A club for a fee of €600million to €800million (£523m to £697m).

Berlusconi allegedly held discussions with Libyan leader Muammar Gaddafi during a visit to that country on Sunday.

However, Fininvest, holding company of Italian Prime Minister Silvio Berlusconi, has rejected the claim.

"There are no plans to sell a stake in AC Milan," Fininvest, which owns all of the club, said in a brief statement.