AC Milan's holding company Fininvest claimed Friday they are in talks with several "potential investors" as talks with Australian-raised Thai businessman Bee Taechaubol continue to stall.

Milan, the seven-time European champions who are owned by former Italy prime minister Silvio Berlusconi, have been in talks with Taechaubol for the past 18 months.

Last June Berlusconi agreed to sell a 48 percent stake to Taechaubol for a reported EUR485 million, although the terms of that agreement stipulated September 30, 2015 as the deadline.

The deal now appears dead in the water because Taechaubol -- who made his riches in the advertising, cable TV, film distribution, construction and stock brokering -- has failed to attract fellow investors to help raise the necessary funds.

Speculation in recent weeks suggested the deal could be revived but on Friday Fininvest -- who has repeated on several occasions a majority share in the club would never be up for sale -- released a statement which said that as well as continuing discussions with Taechaubol, they are now in talks with "several potential investors".

"For the last few weeks a series of unfounded reports continue to make phantom claims about the corporate structure of Milan," said the statement.

"Fininvest is therefore forced to repeat, as it has done in the past, that, parallel to the ongoing talks with Taechaubol, we are also studying proposals from several other potential investors.

"We have made preliminary contact with some of these (investors). In any case, selling a majority stake in the club has never been up for discussion and the overall value of the company, we believe, is in line with the proposal made by Mr. Bee."

With Taechaubol's chances of raising 485m euros now looking slim, Milan could begin to look elsewhere for the investment necessary to spark a revival at the club.

Despite finding huge success in the 1990s and early years of the new century, Milan have fallen on hard times in recent years and can no longer rely on the riches offered by the Champions League.

The Rossoneri last played in the competition in 2014 when they were ousted 5-1 on aggregate from the last 16 by Atletico Madrid, and currently they 11 points behind Roma who occupy the third and last Champions League qualifying spot.

Milan may qualify for Europe next season, but the financial rewards of the Europa League pale in comparison to those offered by its more lucrative bigger brother.

Milan's city rivals Inter Milan are among several Serie A teams fighting for the league's third and last qualifying spot for the competition.

Indonesian businessman Erick Thohir effectively took over Inter in October 2014 when his consortium International Sports Capital, bought a 70 % stake in the club.