The family of former Italian premier Silvio Berlusconi is considering selling a stake of between 20 and 30 percent in AC Milan, the soccer club he bought in 1986.

The club's co-chief executive Barbara Berlusconi, a daughter of the media magnate, told a news conference on Wednesday that the family was seeking partners and she would travel to the Middle East and later to the US as part of the process.

Rumors have been circulating that the Berlusconis were seeking new investment in a team that is struggling in mid-table in Serie A.

After buying AC Milan, Berlusconi quickly turned them into a top team in Italy and Europe, winning Serie A in 1988 and the European Cup, the forerunner to the Champions League, in the following two seasons.

Milan's success helped Berlusconi build his profile and launch into politics in the 1990s with a party with the soccer-inspired name "Forza Italia" (Go Italy).