City Council asks for clarification on Milan and Inter’s ownership as stadium talks continue

By Oliver Fisher -

The Milan City Council have asked AC Milan and Inter to clarify their ownership situation in order to proceed with the stadium project.

TV network Rai recently announced that they will be launching a programme investigating Milan’s ownership situation, alleging that Elliott Management are not in control of the club and it is in fact two financiers – namely Salvatore Cerchione and Luca D’Avanzo – who have a controlling stake in the club as the heads of the Blue Skye investment fund.

However, they postponed the episode for reasons not yet disclosed, while Calcio & Finanza reported that an official statement had arrived from a spokesman for the American fund Elliott, who clarified that they do indeed own over 90% of the club.

Despite this, the Milan City Council approved an agenda on Thursday promoted by two centre-left parties (Milano Progressista and Milano in Comune) to essentially force Milan and Inter to be transparent about their ownership situation.

It is a step deemed necessary considering that there is a huge €1.2bn project at stake – i.e. the construction of the new stadium in the San Siro area.

As MilanLive reports, the City Council invites the Executive “to continue the conversation with Anac, insisting that the failure to communicate the beneficial owner of the counterpart of the administration can be a reason for exclusion from tenders and from any public negotiations in place.”

What that essentially means is that if the two parties involved (Milan and Inter) do not make their ownership structure and therefore source of funds clear, they have reason to decline the plans.

Councillor Enrico Fedrighini explains: “The one relating to the new stadium is a project that deserves a lot of attention as to what these investments are and where they come from.

“Asking where this money comes from seems very urgent to me. We give urgency to the stadium project, but it is a theme that applies to all other projects.”

Tags AC Milan San Siro