Former longtime AC Milan owner Silvio Berlusconi, who three times served as Italy prime minister, died on Monday aged 86.

Berlusconi bought the Rossoneri in 1986 and helped the club to a hugely successful period that included five Champions League titles, eight Serie A titles and the Coppa Italia.

He sold Milan to a Chinese consortium in 2017 but bought Monza the following year, since guiding the club from Serie C up to Serie A.

Berlusconi, who was Italy prime minister during 1994-5, 2001-2006 and 2008-11, had been suffering from leukaemia and recently developed a lung infection. He was hospitalised on Friday for the second time in months. He also suffered over the years from heart ailments, prostate cancer and was hospitalised for COVID-19 in 2020.

He was Italy's longest-serving leader since World War II amid numerous scandals over his personal life and allegations of corruption.

Investigations targeted the tycoon's steamy so-called "bunga bunga" parties involving young women and minors, or his businesses, which included AC Milan, the country's three biggest private TV networks, magazines and a daily newspaper, and advertising and film companies. Only one led to a conviction -- a tax fraud case stemming from a sale of movie rights in his business empire.

Milan said in a statement: "Deeply saddened, AC Milan grieves the passing of the unforgettable Silvio Berlusconi and wishes to reach out to the family, associates, and most cherished friends to share our sympathies.

"Tomorrow, we will dream of new ambitions, create new challenges, and seek new victories. Which will represent the good, the strong, and the true that lies inside us, in all of us who shared this adventure of binding our lives to a dream called Milan."

"Thank you, Mr. President. Always with us."