Italian police financial squad raided AC Milan headquarters on Tuesday as part of an investigation into the club’s sale to US investment fund RedBird in 2022. The seven-time European champion club confirmed the investigations, revealed by the Italian news agencies Ansa and AGI, but indicates that the club itself is not the subject of an investigation.
AC Milan boss Giorgio Furlani and his predecessor Ivan Gazidis are in the sights of the financial brigade, for “incorrect communication” towards the governing bodies, at the time of the sale in 2022. The club, second in Serie A, said “cooperate fully with the authorities”.
Toulouse has the same shareholder
According to AGI, the two leaders are the subject of an investigation for having obstructed the work of Covisoc, the financial watchdog of the Italian Federation (FIGC). The investment fund Elliott Management, a former shareholder of the Lille club in France, sold AC Milan to RedBird Capital in 2022 for 1.2 billion euros.
In a brief statement sent to the Italian agency Ansa, Elliott claimed that all accusations were “false” and that “Elliot no longer owned any shares in AC Milan or any control over the club”. RedBird Capital also owns Toulouse FC in Ligue 1. This fund had taken out a loan from Elliott Management, the selling fund, to be able to finance the acquisition, AFP learned at the time of the sale.
