Alibaba denies takeover of AC Milan football team amid Italian media speculation
A general meeting of AC shareholders is scheduled for Thursday afternoon to discuss the deal
Jack Ma laughed off the reports yesterday that he is to buy the Italian football giants, posting a convoluted joke online mixing basketball and football.
Ma is already the joint owner of Chinese club Guangzhou Evergrande and, with an estimated personal fortune of US$29 billion, would have no difficulty financing a deal.
“Neither Alibaba or Jack personally is involved in any discussion to acquire AC Milan,” an Alibaba spokesperson told the South China Morning Post yesterday.
Italian media reported on Wednesday that online retail giant Alibaba is on the verge of leading a Chinese takeover of AC Milan from disgraced former prime minister Silvio Berlusconi.
Company head Jack Ma was recently in Italy and was wined and dined by Prime Minister Matteo Renzi at the VinItaly trade fair, where the Italian leader observed “the future of Italy and Alibaba are intimately entwined”.
I would say that if things go to plan, the deal could be concluded in six to eight weeks
Media tycoon Berlusconi turns 80 later this year and has been looking to offload a stake in the club he has owned since 1986 since early 2014, shortly after his definitive conviction for tax fraud.
