President-elect Donald Trump turned over his Trump Organisation business to his two sons, Eric Trump and Donald Trump Jr, and defended himself against explosive allegations that he helped Russia undermine the election at his first press conference.

"Donald and Eric are going to be running the company. They're going to be running it in a very professional manner. They're not going to discuss it with me," Trump said, adding he was "turning over complete and total control to my sons". Yet he will still hold an ownership stake.

Trump will resign from all positions he holds in the business, and his daughter Ivanka will no longer have any involvement with the organisation. Her husband, Jared Kushner, was named Trump's senior adviser earlier this week.

The press conference came the day after an explosive document compiled by a former British spy was published by BuzzFeed and reported on by CNN. Among other things, it alleges Trump colluded with Russia to influence the 2016 election. A two page summary of the findings was included in a dossier given to Trump when he was briefed by America's top spies and law enforcement officials about Russia's attempt to influence the 2016 election.

"I think it's a disgrace that information would be let out," Trump said in response to the document's findings. "It's all fake news, it's phony stuff. It was gotten by opponents of ours. It was a group of opponents that got together," he said. "They put that crap together. Sick people. It shouldn't have entered paper. I read what was released."

Trump said he now believes Russia hacked the Democratic party and the campaign of his Democratic opponent Hillary Clinton. "If Putin likes Donald Trump, I consider that an asset, not a liability," he said. "If Putin likes Donald Trump I consider that an asset. But I think if he did have something they would have released it," he added.

It was Trump's first official press conference since becoming President-elect. The last press conference he gave was on 27 July 2016. It marks the longest a {resident-elect has gone without giving a press conference after winning the election.