The Alibaba Group are not in takeover talks with AC Milan, it is being reported.

It was claimed they were behind a €1.2 billion offer for Milan.

But Agenzia Giornalistica Italia [AGI] quotes sources close to the group as saying that Silvio Berlusconi “is not yet ready to give up his plaything".

Founder Jack Ma is also reported to have said “I've already funded a club in China [Guangzhou Evergrande], what more would Milan give me?"