The billionaire behind Louis Vuitton is not buying AC Milan
The world's second richest man and the owner of LVMH, Bernard Arnault has denied claims that he wants to buy Italian football team AC Milan.
While the billionaire has denied the claims, the reports first emerged in Rome-based newspaper Il Messaggero who said that there was a US $1.1 billion bid in progress to purchase the Serie A club from US hedge fund Elliott Management.
However, putting all those rumours to rest, a statement said: "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."
AC Milan is currrently valued by Forbes at US $583 million. In July 2018, hedge fund Elliott Management took over control of the club from Li Yonghong.
So who is Bernard Arnault?
He recently surged into the centibillionaire vlub and became only the third man in the world thanks to stocks of LVMH soaring in value after its first quarter earnings report.
Arnault is Chairman and Chief Exec of LVMH Moët Hennessy – Louis Vuitton SE, commonly referred to as LVMH, the world's largest luxury-goods company. The brands in their portfolio include: Fendi, Givenchy, Dior, TAG Heuer, Hublot, Louis Vuitton, Hennessy and countless others.
So, if he really wanted to buy the Italian football club, we're pretty sure he could do just that.