French billionaire Bernard Arnault had been linked with move for Serie A soccer club. Getty Images French luxury goods conglomerate Louis Vuitton has moved to deny reports that its owner Bernard Arnault has made a €1 billion (US$1.1 billion) bid to buy Italian soccer giants AC Milan. Rome-based newspaper Il Messaggero reported earlier in the week that Arnault, who according to Forbes has a fortune of US$97.4 billion, was readying a mega bid to purchase the Serie A club from US hedge fund Elliott Management. However, in a statement issued to Il Messaggero and UK newspaper the Daily Mail, a spokesperson for Louis Vuitton denied that the company is eyeing up a move for Milan. 'The LVMH Group firmly and officially denies reports by Il Messaggero that LVMH has presented to the Elliott Fund an offer to buy the football club of AC Milan,’ the statement read. According to the Daily Mail, Elliott would have no desire to sell the club in any case having already rejected previous offers in the region of UK£500 million (US$620 million) and UK£700 million (US$868 million). Elliott assumed control of Milan in 2018 when Li Yonghong, the club’s owner at the time, failed to pay back the €32 million (US$35 million) he owed to the company. The New York investment management firm had assisted Li’s purchase of Milan in 2017, contributing €335 million (US$367 million) of the €740 million (US$810 million) used by the Chinese businessman to buy the club. On the pitch, Milan are seventh in Serie A having won two and lost one of their opening three games. They play Inter in the first Milan derby of the 2019/20 season in their next fixture on 21st September.
Louis Vuitton has denied reports that its owner is looking to acquire AC Milan for €1bn ($ between £500m ). Chinese news outlet Louis Vuitton had reported that Bernard Arnault was interested in buying the club from Elliott Management . The Rome hedge fund has already rejected offers for the club of 1.1bn ( $622m ) and £700m, according to the Daily Mail .