Milan have released a statement insisting they are ‘co-operating fully’ with the authorities after their offices were raided, with Ivan Gazidis and Giorgio Furlani under investigation.
The Milan offices were raided by the Italian Financial Police, who took away files and computer equipment to be examined.
The prosecution claims that Elliott Management still control and own AC Milan, so the sale in the summer of 2022 to Gerry Cardinale’s RedBird was not entirely on the level.
This is following on from the legal action taken by some previous minority shareholders into the sale.
Elliott Management also own Lille, which is why it would be against the rules for them to keep control of Milan, having informed the FIGC and UEFA that they are no longer in charge of the Rossoneri.
Sky Sport Italia report that former CEO Gazidis, who had the role from 2018 to 2022, and current CEO Furlani are both under investigation for hiding information from the FIGC.
Milan released a statement assuring that the club is co-operating with the authorities and the club itself is not under investigation.
An Elliott Management spokesman told Football-Italia.net:
“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.”
It is reported that eyebrows were raised when Milan representatives were shopping a document around in Saudi Arabia trying to find new investors.
Elliott Management famously took charge of Milan in 2018 after former owner Yonghong Li failed to keep up loan repayments to the trust fund.
Yonghong Li was only able to purchase Milan from Silvio Berlusconi thanks to that loan just over a year earlier.
#SerieA | Il @acmilan chiarisce la sua posizione dopo la perquisizione della Guardi di Finanza: "La società risulta terza ed estranea al procedimento in corso" https://t.co/q43g6F8Ak9
— Gianluca Di Marzio (@DiMarzio) March 12, 2024
Don’t worry milanisti, it’s all part of the upcoming Fast Furious 11 scene. I saw Statham in disguise as a Milan‘s staff.