Milan owner Li dismisses 'fake' reports of insolvency

MILAN - AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as "fake news".

Chinese businessman Li - who purchased the Italian club for $911 million in April 2017 - was responding to reports that he has been ordered to auction off his assets to repay loans from two banks.

Italian daily Corriere della Sera reported on Tuesday that the 48-year-old entrepreneur was already insolvent when he purchased the club from Italian media tycoon and former prime minister Silvio Berlusconi.