Lawyer responds as Dutch fund emerge in Milan investigation: “Morbid fury”

By Euan Burns -

An Italian lawyer has responded to suggestions that AC Milan is not actually owned by RedBird Capital Group and is in fact owned by a Dutch investment fund based in Amsterdam. 

Doubt was cast in March over the deal that saw Elliott Management sell Milan to Redbird Capital Group, with suggestions that the details of the deal were not fully disclosed and Milan has not really been under RedBird’s full control since 2022.

Roman newspaper La Repubblica (via has continued to report on Milan’s ownership situation despite the story losing pace, and their latest suggestion is that the majority shareholder of Milan is not Gerry Cardinale, but actually ACM FootballCo Intermediate Coöperatief UA.

That is a Dutch investment company based in Amsterdam which supposedly invested €410m.

Italian lawyer Felice Raimondo has responded to these claims by comparing the situation to buying a house with a mortgage. He added that there is a fury around the way these allegations are being pursued.

“From the former one expects repayment in addition to remuneration in the form of periodic interest, while for the latter one is called upon to participate for one’s share in any capital increases and/or is entitled to profits if and when distributed, or to capital losses/gains in the event of a sale of the share held,” Raimondo said.

“It’s like someone buying a house with a mortgage. Whoever buys it is absolutely 100% owner even if he has not paid the full amount out of his own pocket. At the registrar’s office, the owner will turn out to be the person who has only paid part of the agreed price. A morbid fury for the Rossoneri ownership situation and no questions about other clubs.”

There was a Guardia di Finanza raid on Milan’s headquarters in March to try and ascertain more details about the deal to sell the club, and that led to investigations into current CEO Giorgio Furlani and former CEO Ivan Gazidis.

Tags AC Milan

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