The prosecutors who are looking into AC Milan’s ownership situation are on the hunt for a ‘faceless’ third party who are acting as a mediator in discussions with potential investors, a report claims.
It is hard to succinctly summarise everything we know so far about the investigation into Milan by the Prosecutor’s Office, but an article with some frequently asked questions (and answers) from earlier today should bring you up to speed.
According to La Gazzetta dello Sport, there is a ‘common thread that ties Elliott to RedBird’ which is a ‘third man, a still faceless figure to whom investigators are trying to give a name’.
They are acting as a sort of ‘mediator’ appointed by RedBird’s top management to deal with PIF, Saudi Arabia’s sovereign wealth fund. The Public Investment Fund own four teams in the Saudi Pro League, bought Newcastle in 2021 and were ready to take over 41.7% of Milan’s shares by repurchasing 80% of the €560m loan.
The magistrates of the Milan Prosecutor’s Office – Giovanni Polizzi and Giovanna Cavalleri – are trying to identify the figure in charge of dealing with the Saudis by the Rossoneri top brass. The importance of this is clear and fundamental for the prosecutors’ reasoning.
If the ‘mediator’ in question were to be linked in some way to Elliott, then the object of the investigations would take a very different turn because it could demonstrate that the club are still under the disguised control of Paul Singer’s fund.
According to the investigators, Elliott – despite RedBird’s flat denial through a statement – are still in control of Milan. Another key word in the search is recapitalisation, i.e. bringing new investors into the club, such as the aforementioned PIF.
This is one of the possible reasons why (again according to the prosecutor’s investigations) Elliott decided to maintain control of Milan in a veiled way. All this is taking into account that Elliott collects interest at 7% on the €560m loan granted to the ‘buyer’, i.e. RedBird.
In summary, according to the Prosecutor’s Office, Elliott have continued to manage Milan and could now earn from the entry of new partners. No interviews are scheduled at the moment and the FIGC have not submitted a formal request for documents to the Prosecutor’s Office.
