Italian prosecutors are investigating the sale of Serie A heavyweight AC Milan. On Tuesday, police investigated the club’s headquarters as part of their inquiry. RedBird Capital Partners bought the Rossoneri out from Elliott Management in August 2022.



However, Elliott allegedly still owns and controls the Italian giants, according to Milan prosecutors. Italian banking authorities raided the <a href="https://worldsoccertalk.com/ac-milan-tv-schedule">AC Milan</a> offices on Tuesday. They also checked the residences of both the present CEO, <a href="https://worldsoccertalk.com/news/milan-wants-to-build-american-like-arena-to-replace-san-siro-20240301-WST-492462.html">Giorgio Furlani</a>, and the previous CEO, Ivan Gazidis as well.



The Italian FA has accused the two of concealing facts about the deal that is now under investigation. Regarding the club’s ownership structure, they need to have informed the Italian Football Federation (FIGC) of this.



<h2>Club says it is cooperating with authorities</h2>



“It seems that the majority of the funds used to buy the club originate from an investment vehicle that does not belong to RedBird. The suspicion is that Elliott currently maintains effective control of the company,” as stated in the warrant for search, via the Financial Times.



Prosecutors also claimed in the warrant that Elliott indirectly controls the French side Lille. They say is breaking regulations imposed by UEFA, the regulatory body of European sport. Amid these accusations, the Serie A greats issued a statement to the press denying any direct involvement in the probe.



“In regards to the search carried out today in its headquarters, AC Milan is a third party and extraneous to the ongoing legal action concerning the purchase of the club.”



<figure class="wp-block-image size-large"><figure class="image"><img loading="lazy" width="1200" height="670" src="https://ds-images.bolavip.com/news/image?src=https://images.worldsoccertalk.com/webp/full/WST_20240313_WST_494905_Milan-squad-1200x670_7d0d3c5c.webp&amp;width=1200&amp;height=670" alt="" class="wp-image-494956" srcset="https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Milan-squad-1200x670.jpg 1200w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Milan-squad-300x168.jpg 300w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Milan-squad-768x429.jpg 768w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Milan-squad.jpg 1280w" sizes="(max-width: 1200px) 100vw, 1200px"></figure></figure>



“The investigation, which also involves the legal representatives with authority to sign, Giorgio Furlani and Ivan Gazidis, hypothesizes incorrect communications to the competent vigilance authority. The club is giving its full cooperation to the investigating authority.”



<h2>What did Elliott and RedBird say about AC Milan sale?</h2>



Elliott denied the claims that they <a href="https://www.tuttomercatoweb.com/serie-a/milan-dichiarazione-di-elliott-nessuna-partecipazione-o-controllo-del-club-1945648" target="_blank" rel="noreferrer noopener">had any involvement</a> with or influence over AC Milan after the sale.



“We note reports this evening that the current and former CEOs of AC Milan are under investigation in connection with an allegation that the football club still belongs to Elliott. It was hidden from the football federation, this allegation is false,” they said.



Additionally, RedBird <a href="https://sport.sky.it/calcio/serie-a/2024/03/13/milan-news-finanza-oggi" target="_blank" rel="noreferrer noopener">issued a statement</a> reiterating their position as ‘the controlling owner of AC Milan and will remain so’. “RedBird Fund IV and its subscribers own 99.93% of AC Milan; the remaining 0.07 is in the hands of individual Italian shareholders who are long-time fans of the Club [the APA],” read a statement.



“The idea that RedBird does not own or control AC Milan is absolutely false. This is contradicted by all evidence and facts, including those that allegedly are the basis of the investigation.



“When we took control of the Club after the closing, Elliott provided a loan to RedBird with a three-year maturity and no voting rights. Our goal is to bring Milan back to the top of Serie A and European football. Everything else takes away from achieving this goal.



“There are no ongoing discussions with any investor who could exercise control over the Club. RedBird is the controlling owner of AC Milan and will remain so.”



PHOTOS: IMAGO.

Italian Financial Police raid Milan HQ for American owners sale

Police raided the offices of AC Milan on Tuesday as part of their probe into the club's sale just a couple of years ago.

If it weren’t for Elliott Management of the US, Milan’s CEO Giorgio Furlani says the club would have collapsed financially.



When Silvio Berlusconi sold the Rossoneri to Yonghong Li, they plummeted into anarchy after more than 30 years under the now-late Italian mogul. The shrouded Chinese billionaire finalized the deal only with the help of a loan from Elliott Management.



However, the US trust fund effectively took control of the Serie A club when he failed to repay it. Last year, RedBird, led by Cardinale, purchased the bulk of the company’s shares with the club in good financial health.



Several challenges arose when they acquired the San Siro outfit. Examples include the Growth Decree’s repeal and the stadium bureaucracy. Yet, <a href="https://worldsoccertalk.com/ac-milan-tv-schedule/">Milan</a> are back in the black for the fiscal year of 2022-23 and looking good.



<h2>What did Milan CEO say about American owners?</h2>



In a recent interview with <a href="https://www.calciomercato.com/news/furlani-in-italia-stadi-imbarazzanti-andremo-a-san-donato-milan--70499" target="_blank" rel="noreferrer noopener">Fortune Italia</a>, Giorgio Furlani discussed the development of AC Milan. The 45-year-old also voiced his opinions regarding Italy’s systemic problems.



“After difficult years, the recovery and relaunch of this club, which represents the history of Italian football worldwide, were made possible by our previous ownership, which prevented the disaster of bankruptcy. Today, we are experiencing a phase of acceleration and growth.



“We are in a new important chapter in the Club’s evolution, supported by Gerry Cardinale’s strategic vision, RedBird’s skills and experience in the business sports, media and entertainment, developing global brands and creating virtuous synergies. We have started a fundamental growth path to close the gap with the big teams in Europe, especially those in the Premier League, which today have higher revenues.



<figure class="wp-block-image size-large"><figure class="image"><img loading="lazy" width="1200" height="800" src="https://ds-images.bolavip.com/news/image?src=https://images.worldsoccertalk.com/webp/full/WST_20240210_WST_488862_imago1037498412h-1200x800_da02d48b.webp&amp;width=1200&amp;height=800" alt="" class="wp-image-488892" srcset="https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/02/imago1037498412h-1200x800.jpg 1200w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/02/imago1037498412h-300x200.jpg 300w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/02/imago1037498412h-768x512.jpg 768w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/02/imago1037498412h-1536x1024.jpg 1536w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/02/imago1037498412h-2048x1366.jpg 2048w" sizes="(max-width: 1200px) 100vw, 1200px"></figure><figcaption>A return to the Champions League has been a huge financial boost for Milan</figcaption></figure>



“Sporting success has to be at the core of the AC Milan project. The revenue that is generated is re-invested in the Club: investment in players, but also in facilities, infrastructures, commercial capabilities and people. It’s a virtuous circle: revenues fuel investments, which produce better performances, which in turn create new revenues.



“Ownerships, especially foreign ones, are willing to invest in new stadiums. There has been, however, a de facto impossibility due to bureaucratic and administrative complexity. There is a will and there is capital, but it’s hard to invest.”



<h2>What did Milan CEO say about problems in Italy?</h2>



His remarks made it quite evident that soccer is more than just a pastime; it’s an enterprise. “We must abandon the idea that football is a game and nothing else. Football is an industry.



“We are talking about clubs that have hundreds of millions of Euros in revenue and can bring hundreds of millions of investments into our country. Football is an extraordinary instrument to attract capital and participate in the growth of the country’s GDP.



“There are systemic problems in Italy, among them the sporting infrastructure that is embarrassing, to use a euphemism. We have serious problems of piracy in television. Plus there is a series of rules and laws that do not help us be competitive on a European level.



“So, if we all want to incorporate this large chunk of the economy into the wider country’s financial structure, we need to collaborate in synergy.”



Photo credits: IMAGO / Gribaudi/ImagePhoto : IMAGO / sportphoto24

US owners rescued Milan from bankruptcy, club chief discloses

Milan have their US owners to thank for avoiding a financial collapse according to club CEO Giorgio Furlani

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Italian Financial Police raid Milan HQ for American owners sale

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US owners rescued Milan from bankruptcy, club chief discloses