China's Baidu Inc. brushed has off allegations that it is playing a part in the AC Milan deal, denying state-owned CCTV report on Friday that its billionaire Chairman Li Yanhong is involved in a group close to acquiring a 70 percent stake in the Serie A team for $437 million, Bloomberg reported.

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China's state-owned CCTV reported that "Chinese investors' overseas sports investments show an upward trend. Baidu CEO Robin Li's team has achieved progress in negotiating with the Italian club AC Milan. (Li or Baidu) is expected to pay $437 million to acquire AC Milan," Seeking Alpha reported.

Although the iconic Italian soccer team AC Milan has been in talks with a Chinese consortium since April, Baidu's spokeswoman Whitney Yan made it clear that neither Baidu nor its CEO Li has been involved in the negotiations.

AC Milan fans have voiced disappointment and concerns about the news. One Twitter user named Milan Obsession posted "Anyone besides me worried that Baidu's official denial of involvement in the Milan purchase is a precursor to the sale collapsing?"

Meanwhile, should the sale push through, Milan's top two teams will be owned by Chinese investors as Sunning Holdings Group Co. acquired 70 percent of Inter Milan for $306 million in June.

The recent deals have come about not only because it is "fashionable" for Chinese businesses to purchase top European football teams, but also it is seen as a "show of support to President Xi Jinping," who wants to turn China into a major soccer power, according to The Drum News.

TagsBaidu, AC Milan, Robin Li, CCTV, Football