According to reports, Bee was offering 500 million euros for a 51 percent share of the troubled Serie A giant, however, on Saturday it was confirmed that current owner Silvio Berlusconi would maintain a majority stake in the club.
Fininvest, Milan's holding company, released a statement late on Saturday indicating that the former Italian Prime Minster would retain control.
The statement read: “The meeting with Bee Taechaubol was positive. They [Berlusconi and Bee] discussed the central issues regarding the future of the club, for example valuing and commercializing the brand in the Asian market, where there is the opportunity to give a strong and decisive effort to increase the revenues that are needed to bring back the club to the top of football in Italy, Europe and the world.
"The proposed collaboration, that still needs to be defined in multiple areas, involves the acquisition by a financial group for a minority stake and the control of the club will firmly remain under Berlusconi and Fininvest.”
It remains unclear how much longer negotiations will take, with Bee, who is the executive director of private equity group Thai Prime Company Limited, hinting that the majority of the deal has already been agreed.
"We are now going to work on some minor details and we'll take a little bit more time," he said.