Elliott Management have responded to today’s Italian Financial Police raid on Milan offices by insisting the sale of the club to RedBird was not a disguise. ‘This accusation is false.’
The investigation saw members of the Guardia di Finanza go through the AC Milan offices and the home of CEO Giorgio Furlani to confiscate papers and computer equipment.
“We note the reports of an investigation regarding the current and ex- CEO of Milan in regards to the accusation that the club still belongs to Elliott, which was hidden from the FIGC.
“This accusation is false,” read a statement from Elliott Management to news agency ANSA.
“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, and it was hidden from the Football Federation”. This allegation is false. AC Milan was sold to RedBird on 31st August 2022. As of that date, the Elliott funds have had no equity interest in, or control over, AC Milan.”
According to Sky Sport Italia, both Furlani and his predecessor as CEO Ivan Gazidis are under investigation for irregularities in the sale of the club from Elliott Management to RedBird in August 2022.
The allegations claim that the sale was a front and that Elliott still effectively own and control the Rossoneri.
This would be a problem because the Federation was informed that RedBird were now the owners, while Elliott Management have since also taken charge of French club Lille.
Elliott effectively repossessed Milan after previous owner Yonghong Li failed to keep up repayments of the loan he had used to in turn purchase the club from Silvio Berlusconi.