AC Milan's current and former owners say allegations from prosecutors are false
Gerry Cardinale, second left, and Ivan Gazidis in the stands prior to the Serie A soccer match between AC Milan and Inter Milan, at the Milan San Siro stadium, Italy, on Sept. 3, 2022. Milan prosecutors are looking into the sale of soccer giant AC Milan and the club’s headquarters have been searched. Both current and past CEO’s are among those under investigation. RedBird Capital Partners purchased Milan from fellow American firm Elliott Management in August 2022 but prosecutors claim Elliott still owns and controls the Italian club. Italian financial police raided Milan’s offices on Tuesday and also reportedly searched the homes of current CEO Giorgio Furlani and his predecessor Ivan Gazidis. Furlani and Gazidis are being investigated for hiding information relating to the sale from the Italian soccer federation. Credit: AP/Spada
MILAN — AC Milan’s current and former American owners each said Wednesday that allegations from Italian prosecutors disputing who runs the seven-time European champion are false.
Milan’s offices were raided by police on Tuesday as part of an investigation by Italian prosecutors into the sale of the Serie A giant.
RedBird Capital Partners purchased Milan from fellow American firm Elliott Management in August 2022, but Milan prosecutors claim Elliott still owns and controls the Italian club.
“RedBird Fund IV and its investors own 99.93% of AC Milan; the other 0.07% are individual legacy Italian investors that are long standing fans of the club. The notion that RedBird doesn’t own and control AC Milan is just false and contradicts all the evidence and facts," RedBird said in a statement.
“When we took control of the club upon closing, Elliott provided loan financing to RedBird with a term of three years and no voting rights,” RedBird added.
In a separate statement, Elliott said “this allegation (from the Milan prosecutors) 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,” Elliott added.
Italian financial police also reportedly searched the homes of current CEO Giorgio Furlani and former chief executive Ivan Gazidis, who held the role from 2018 to 2022.
Furlani and Gazidis are being investigated for allegedly hiding information related to the sale from the Italian soccer federation.
Milan said it is a “third party and extraneous to the ongoing legal action," adding that it was “giving its full cooperation to the investigating authority.”
Milan could nevertheless be fined or docked points by the Italian soccer federation.
RedBird also addressed speculation that the club is courting new investors in Saudi Arabia or elsewhere.
“There are no discussions with any investor who would have any control in the club,” RedBird said. "RedBird is the control owner of AC Milan and will stay that way.”
