In discrediting the claims made by Italian prosecutors regarding the leadership of the seven-time European champion, AC Milan, both the present and past American proprietors asserted on Wednesday that the allegations are baseless.
The police conducted a raid on Milan’s offices on Tuesday as part of an inquiry by Italian prosecutors scrutinizing the transaction of the Serie A powerhouse.
RedBird Capital Partners acquired Milan from fellow American entity Elliott Management in August 2022. However, Milan prosecutors contend that Elliott still maintains ownership and control over the Italian club.
RedBird countered this assertion, stating, “RedBird Fund IV and its investors possess 99.93% ownership of AC Milan, with the remaining 0.07% held by individual legacy Italian investors, longstanding supporters of the club. The claim that RedBird lacks ownership and control of AC Milan is unequivocally false, contradicting all available evidence and facts.”
Upon assuming control of the club, RedBird clarified that Elliott facilitated loan financing with a three-year term and no voting rights.
In a separate declaration, Elliott refuted the allegations from Milan prosecutors, emphasizing, “This claim is erroneous. AC Milan was officially sold to RedBird on August 31, 2022. From that date onward, the Elliott funds relinquished any equity interest or control over AC Milan.”
Italian financial authorities reportedly also searched the residences of current CEO Giorgio Furlani and former chief executive Ivan Gazidis, who held the position from 2018 to 2022.
Furlani and Gazidis are under investigation for purportedly concealing information related to the sale from the Italian soccer federation.
While asserting its detachment from the ongoing legal proceedings, Milan affirmed its full cooperation with the investigative authority.
Despite this, Milan faces potential fines or point deductions from the Italian soccer federation.
RedBird addressed rumors surrounding the club’s pursuit of new investors in Saudi Arabia or elsewhere, stating unequivocally, “No discussions are taking place with any investor seeking control over the club. RedBird maintains sole control over AC Milan and intends to continue doing so.”