The Milan Public Prosecutor’s Office has requested the dismissal of the investigation into the ownership of AC Milan, as widely reported already today. La Gazzetta dello Sport noted that in the prosecutor’s ten page document it emerges for the first time that Elliott Management would retain a direct 5% shareholding in the Rossoneri club, even after the vendor loan is fully repaid.
According to reports, there is a sense of calm in Milan because the request comes from the same Prosecutor’s Office, after further investigations and international requests for legal assistance that did not reveal evidence to support the initial hypotheses. The matter had also already seen the full dismissal of proceedings in the sports jurisdiction by the Federal Prosecutor of the Italian Football Federation (FIGC). In this context, clarifications around the reported “5%” state that it does not represent equity, shares, or governance rights in the club. Instead, it refers to a technical financial instrument, a warrant linked to the 2022 sale of the club and structured within the vendor loan agreement. This mechanism would only grant a limited economic benefit in the event of a future sale of the club at significantly higher valuations.
The vendor loan itself has since been fully repaid as part of a recent refinancing, and ownership and control of AC Milan remain entirely with RedBird Capital Partners.
