AC Milan president owner Li Yonghong has dismissed reports of him being on the brink of bankruptcy as "fake news".
Li's Rossoneri Sport Investment group completed a €740million takeover of Milan in April last year and bankrolled an extensive squad overhaul during the close season, which included moves for the likes of Leonardo Bonucci, Hakan Calhanoglu, Andre Silva and Nikola Kalinic.
Amid mounting speculation over the Chinese entrepreneur's financial situation, Italian newspaper Corriere della Sera reported Li was having to auction off assets in his homeland to settle debts.
In a statement on Milan's official website, Li said Milan and his family had been "severely damaged" by the claims.
"Some media have irresponsibly reported fake news that has damaged the club, my companies, my family and myself," the statement read.
"From the day I bought AC Milan, I have faced difficulties and have been under unprecedented pressure. Following these reports and irresponsible news reports, I would like to calm down the environment around the club and the team.
"We do not understand the purpose of these allegations but they have now reached the point where the club is severely damaged by them and so are my companies and my family.
"I want therefore to take the opportunity to explain - hoping this will be the last time - that the situation concerning my assets is safe and sound and that both the club and my companies are steadily working.
"I, therefore, hope that no credit is given to the latest news that isn't true and that attention can be focused on what we all care about - the management of and the improvements of the team, and that we all keep supporting coach Rino Gattuso."
Milan lie seventh in Serie A and hold a 3-0 lead after the first leg of their Europa League round-of-32 tie against Ludogorets.
Gattuso replaced Vincenzo Montella as head coach in November and his team are currently on a nine-match unbeaten run in all competitions, winning six.
|Tiger is the reason I love golf - Thomas|
|Real Madrid star Isco discharged from hospital|
|Rossi not happy with 2019 Yamaha|
|Serena ends season with China Open withdrawal|
|Gattuso: Higuain a doubt for Empoli-AC Milan|
|Pogba v Mourinho: Casillas, Ronaldo, De Bruyne and Jose´s biggest bust-ups|
|Mathews stripped of ODI captaincy and will miss series with England|
|WATCH: NRL stars honour Dally M Medal winner Tuivasa-Sheck with impromptu haka|
|Great Britain and Argentina handed Davis Cup wildcards|
|Strong start key for European skipper Bjorn|
|Schmiedlova ousts former Tashkent champion Hibino|
|Mourinho and Pogba in frosty training ground exchange|
|Ashworth to leave FA for Brighton job|
|Gillespie backs Finch for Test success|
|Woods and Mickelson pairing ´not too likely´ - Furyk|
|Pogba v Mourinho: Who should stay and who should go at Manchester United?|
|Rahm better than I was at my first Ryder Cup, says McIlroy|
|Erdogan claims double standards in Ozil controversy|
|F1 Raceweek: Mercedes eye five in a row in Sochi – Russian GP in numbers|
|Rose: Stature doesn´t win Ryder Cup points|
|Sonny Bill Williams fit to face Pumas - Crotty|
|Exuberant Rahm expecting to be paired with calming influence|
|I´ve proved myself over and over - Garcia|
|Ocon negotiating with Williams for 2019|
|Kvitova´s Wuhan quest ended by Pavlyuchenkova|
|Hummels impressed by ´incredible´ Sanches|
|Brewers benefit from Pirates´ trade deadline acquisition of Archer|
|Barty upsets Kerber in Wuhan|
|England could still pick Cipriani despite training camp snub|
|Astros become first defending champions to reach 100 wins since 1990 Athletics|
|Wilder waiting for ´real offer´ to fight Joshua|
|LeBron focusing on patience after first Lakers practice|
|Pochettino expects Spurs in new stadium by Christmas|
|Inzaghi: With Ronaldo, Juve are best team in Europe|
|Some people talk too much – Icardi hits back at critics|
|Kovac, Robben praise Augsburg after draw|
|Angels star Ohtani to undergo Tommy John surgery|
|Simeone tips Gimenez to be fit for Madrid derby|
|Smith on his NBA Finals miscue: People make mistakes all the time|
|Rams CB Talib to have ankle surgery|
|Cousins ´feeling a lot better´, still unsure when he´ll return|
|I knew we´d be in trouble with Jones on penalties – Mourinho|
|Coyotes forward Galchenyuk expected to miss opener|
|Guardiola won´t compare Foden to Iniesta|
|Lampard shell-shocked as Derby win at Old Trafford|
|Ryder Cup 2018: USA celebrities take the honours|
|Manchester United´s torrid penalty shoot-out run continues against Derby|
|Guardiola: Foden already a great, great player|
|Atletico Madrid 3 Huesca 0: Rojiblancos cruise ahead of Madrid derby|
|EFL Cup: Lampard dumps out Mourinho, Burnley lose at Burton Albion|
|Mourinho denies Pogba row despite stripping midfielder of vice-captaincy|
|Fabinho situation not complicated, insists Klopp|
|Manchester United 2 Derby County 2 (Derby win 8-7 on pens): Lampard heaps pressure on Mourinho|
|Afghanistan snatch tie after Shahzad pummels India|
|Inter 2 Fiorentina 1: D´Ambrosio maintains Nerazzurri revival|
|Oxford United 0 Manchester City 3: Foden stars as EFL Cup holders cruise into round four|
|Cousin takes Gabon post after Aubameyang rejection|
|Bayern Munich 1 Augsburg 1: Neuer error costs champions|
|Paris Saint-Germain must be a Champions League force to help Neymar - Baptista|
|Salgado warns of ´war´ in Spanish football|
|Cech deserves Arsenal place, says Seaman|
|Halep and Garcia among seeds to fall in Wuhan|
|F1 Raceweek: Mercedes taking no comfort in points advantage|
|Benitez charged by FA for referee comment relating to Zaha treatment|
|Cibulkova dumps out hampered Halep in Wuhan|
|Mourinho questions his players amid reports Pogba won´t captain United again|
|European Ryder Cup diary: Fleetwood´s hair delights Poulter|
|USA Ryder Cup diary: Tiger´s roaring reception, McEnroe´s bold prediction|
|Loans to be limited under new FIFA proposal|
|Prolific Nadolo signs new Montpellier contract|