AC Milan president Silvio Berlusconi insists his Serie A club is not for sale after rejecting a bid of 500 million euros for a controlling stake. Silvio Berlusconi is dedicating more time to Milan as he is barred from political campaigning.

• Paul: El Shaarawy nears return

Singapore-based businessman Peter Lim reportedly followed up a recent 300 million euro bid with a 500 million euro offer on Thursday, but that was rejected out of hand by Berlusconi's Fininvest Group.

On Thursday evening, Berlusconi reiterated that the Rossoneri are not for sale, rejecting Lim's valuation out of hand.

"Milan are worth far, far more than that," he told RAI Sport. "Milan are not for sale."

When asked by his interviewer to elaborate on Milan's true value, and whether 501 million would be tempting enough, Berlusconi responded: "No, no, let's not joke about such sacred matters."

Berlusconi has been president of the Rossoneri since 1986, relinquishing his role only during his terms as Italian Prime Minister.

Currently prohibited from campaigning in politics, and ordered to work four hours a week in a retirement home after being convicted of tax fraud, Berlusconi is dedicating more of his time to the Serie A club.

Lim is reportedly understood to be keen on taking a 70 percent stake in the Milan club, just as Indonesian tycoon Erick Thohir did with city rivals Inter Milan last year.

Milan's general manager Adriano Galliani recently paid tribute to Berlusconi for saving the club from financial ruin after another injection of funds covered an operating loss in 2013.