The FIGC Prosecutor's Office has closed the investigation opened against AC Milan, following the transmission of documents by the Milan Public Prosecutor's Office regarding the transfer of ownership from Elliott to RedBird in the summer of 2022.
This was reported by ANSA in a news release:
"The federal prosecutor of the Italian Football Federation has just closed 'based on the current evidence' the file opened on the transfer of AC Milan from Elliott to RedBird."
The events refer to the investigation opened by the Milan Public Prosecutor's Office last March, which led to searches at the Casa Milan headquarters and the inclusion of the current CEO Giorgio Furlani and his predecessor Ivan Gazidis in the register of suspects. They were accused of "hindering the supervisory authority's functions concerning communications to FIGC about the real owners of the club during the RedBird operation." Essentially, the suspicion raised by the Milan prosecutors was that the sale of the majority stake in AC Milan—formalized on August 31, 2022—from Elliott to RedBird for 1.2 billion euros was a "fictitious" financial operation, allowing Elliott to retain operational control of the club through a vendor loan of about 600 million euros granted to RedBird owner Gerry Cardinale (due by December 31, 2025) and the inclusion of several Elliott-linked individuals on AC Milan's board.
On the same day as the notification of the investigation's opening against AC Milan and its executives, the club issued this statement:
"Regarding the search that took place today at its headquarters, AC Milan is a third party and unrelated to the ongoing proceedings concerning its acquisition, finalized in August 2022. The investigation, which also involves the legal representatives with signing authority, Giorgio Furlani and Ivan Gazidis, the current and former CEOs of the club, alleges incorrect communications to the competent supervisory authority. The club is fully cooperating with the investigating authority."
For its part, the Elliott fund, owned by Paul Singer, issued an official denial regarding the accusations against it:
"We acknowledge reports of investigations involving the current and former CEOs of AC Milan related to the accusation that the club 'still belongs to Elliott, and this was hidden from the Football Federation.' This accusation is false. AC Milan was sold to RedBird on August 31, 2022. From that date, Elliott no longer has any shareholding or control over AC Milan."
In the days immediately following the notification of the investigation against AC Milan by the ordinary judiciary, the documents were progressively transmitted—as is customary—to the office of FIGC prosecutor Giuseppe Chiné to assess any elements for the opening of a sporting procedure against the club. Evidently, these elements were not sufficient, leading the Football Federation to close any type of accusation regarding the actual ownership of AC Milan.
This was relayed via Calciomercato.com
