Investigators are closely examining Elliott Management’s sale of Milan to RedBird, carrying out a search and seizure at a number of companies related to the club.
Corriere dello Sport details how the investigation stems from the complaints of Blue Skye’s Salvatore Cerchione and Gianluca D’Avanzo, the heads of a company who controlled 4.3% of Project RedBlack – the holding company who manage Milan – before the sale to RedBird.
Blue Skye consider themselves a damaged party, believing that Elliott’s deal with RedBird was carried out behind closed doors, leaving them out of proceedings.
Today, the Luxembourg judicial police showed up at the offices of Project RedBlack, having attained a search and seizure order from Judge Claude Pascal, at the request of the Milan Public Prosecutor’s Office.
Three key figures in this case are Elliott’s manager, Jean-Marc McLean, and local professionals Daniela Italia and Victor Schuh – directors of Project RedBlack – accusing them of abuse of corporate assets and fraudulent bankruptcy.
The goal of the search was to paper and digital documents related to the sale of Milan and the usage of the money earnt from this deal.
The report also suggests that documents were seized from Intertrust, the consulting group that manages the administration of dozens of companies of the American fund, including Project RedBlack.
A similar search and seizure order was also carried out at Rossoneri Sport, also based in Luxembourg, who own 99.9% of Milan and collected the €1.12 billion from RedBird. Project RedBlack is the holding company that controls Rossoneri Sport.