AC Milan fans light flares during the team's Italian Seria A soccer match against Inter Milan at San Siro stadium in Milan May 4, 2014. REUTERS/Max Rossi
SHANGHAI (Reuters) - The billionaire chairman of Chinese drinks maker Hangzhou Wahaha Group Co has knocked back reports he is planning a bid for struggling Italian football giants AC Milan, currently controlled by Italy's former prime minister Silvio Berlusconi.
Zong Qinghou, worth an estimated $19 billion (13 billion pounds) according to the latest annual Hurun rich list, said reports in Italian media that he was planning to purchase up to 75 percent of the Italian team were "sheer fiction".
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