AC Milan president Silvio Berlusconi won't be keeping hold of shares in the club.

Berlusconi's holding company Fininvest released a statement denying reports he wanted to keep 20 per cent of Milan after the Chinese takeover.

Fininvest released a statement denying this story to news agency Adnkronos and note “the negotiations for the sale of Milan regard the entire participation of the Berlusconi family holding, equal to 99.9 per cent."

The long-awaited closing is expected to occur on March 3.