AC Milan’s offices were raided by police on Tuesday in the wake of an investigation by Italian prosecutors into the sale of the Serie A giant.
RedBird Capital Partners bought Milan from U. S. firm Elliott Management in August 2022, but Milan prosecutors say Elliott still owns and controls the Italian club.
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Italian monetary police raided Milan offices on Tuesday and also reportedly raided the homes of current CEO Giorgio Furlani and former CEO Ivan Gazidis, who held the position from 2018 to 2022.
On Wednesday, RedBird and Elliot questioned allegations and advice from Italian prosecutors that they still own AC Milan.
“The RedBird Fund IV and its investors own 99. 93% of AC Milan; The remaining 0. 07% are Italian individual investors who are long-time enthusiasts of the club. The concept that RedBird does not own AC Milan is simply false and contradicts everything. The evidence and facts,” RedBird said in a statement.
“When we left the club at closing, Elliott gave RedBird a three-year, non-voting loan to RedBird.
In a separate statement, Elliott said “this allegation [from Milan prosecutors] is false. “
“AC Milan was sold to RedBird on August 31, 2022. From that date on, Elliott’s budget had no ownership over AC Milan,” Elliott added.
RedBird responded to the hypothesis that the club is courting new investors in Saudi Arabia or elsewhere.
“There is no discussion with any investor who has control over the club,” RedBird said on Wednesday. “RedBird is the majority owner of AC Milan and will continue to be so. “
Furlani and Gazidis are under investigation for allegedly concealing similar details of the sale to the Italian Football Federation.
“With respect to the lawsuit carried out today at its headquarters, AC Milan is a third party and has no bearing on the ongoing legal proceedings related to the acquisition of the club,” Milan said in a statement on Tuesday.
“The investigation, which also reaches the signing’s legal representatives, Giorgio Furlani and Ivan Gazidis, reaches the communications to the competent supervisory authority. The club is cooperating fully with the investigating authority. “
Still, Milan could be fined or reduced through the Italian Football Federation.
Associated Press information used in this story.