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AC Milan president denies bankruptcy reports: 'My assets are safe and sound'

AFP Contributor / AFP / Getty

AC Milan president and majority investor Li Yonghong denounced a report in the Italian press last weekend that he's bankrupt, saying the allegations have "damaged" the club at a delicate point of the season.

It's the second time in two months that Li has moved to discredit reports about his financial situation.

The New York Times, Reuters, and various other Italian newspapers have painted a bleak picture of the Milan owner, who, prior to his €740-million takeover last April, was little known to industry experts in both China and abroad.

Corriere della Sera's Milena Gabanelli and Mario Gerevini raised further doubts over the weekend, alleging that Li had been ordered by two Chinese banks to liquidate his holding in a packaging company.

Li, however, says the "situation concerning my assets is safe and sound."

Here is his statement in full:

I have seen that over the past 48 hours some media have irresponsibly reported fake news that has damaged the club, my companies, my family and myself. From the day I bought AC Milan, I have faced difficulties and have been under unprecedented pressure. Following these reports and irresponsible news reports, I would like to calm down the environment around the club and the team.

We do not understand the purpose of these allegations, but they have now reached the point where the club is severely damaged by them, and so are my companies and my family. I want therefore to take the opportunity to explain - hoping this will be the last time - that the situation concerning my assets is safe and sound and that both the Club and my companies are steadily working.

I, therefore, hope that no credit is given to the latest news that isn't true and that attention can be focused on what we all care about, as in the management of and the improvements of the team, and that we all keep supporting coach Rino Gattuso. We will do everything we can to bring the club back to the top.

Allegations of money laundering have dogged the early months of Li's foray into football, with questions also being asked about the legitimacy of his claim to fortune. Documents show that Li made his money in phosphate mining, but a New York Times investigation found that someone else owns Li's company.

Li, who took take out a high-interest €300-million loan to complete the purchase of the club, countered by saying he and his legal advisors followed all the necessary procedures during the closing process.

Silvio Berlusconi's holding company, Fininvest, and former club CEO Adriano Galliani have each attested to the soundness of Li's funds. The Italian football federation also ran checks before the sale was rubber-stamped.

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