Published By: Sports Desk
Last Updated: March 14, 2024, 00:00 IST
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AC Milan’s present and former American house owners every mentioned Wednesday that allegations from Italian prosecutors disputing who runs the seventime European champion are false.
MILAN: AC Milan’s present and former American house owners every mentioned Wednesday that allegations from Italian prosecutors disputing who runs the seven-time European champion are false.
Milan’s workplaces have been raided by police on Tuesday as a part of an investigation by Italian prosecutors into the sale of the Serie An enormous.
RedBird Capital Partners bought Milan from fellow American agency Elliott Management in August 2022, however Milan prosecutors declare Elliott nonetheless owns and controls the Italian membership.
“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 mentioned in an announcement.
“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 assertion, Elliott mentioned “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 monetary police additionally reportedly searched the properties of present CEO Giorgio Furlani and former chief government Ivan Gazidis, who held the function from 2018 to 2022.
Furlani and Gazidis are being investigated for allegedly hiding info associated to the sale from the Italian soccer federation.
Milan mentioned it’s a “third party and extraneous to the ongoing legal action,” including that it was “giving its full cooperation to the investigating authority.”
Milan might nonetheless be fined or docked factors by the Italian soccer federation.
RedBird additionally addressed hypothesis that the membership is courting new traders in Saudi Arabia or elsewhere.
“There are no discussions with any investor who would have any control in the club,” RedBird mentioned. “RedBird is the control owner of AC Milan and will stay that way.”
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(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – Associated Press)
