The investigation into AC Milan’s purchase by RedBird Capital Group from Elliott Management could speed up the potential Arab investment in the club, it is claimed.
Respected Italian journalist Felix Raimondo has shared his thoughts on the news that Casa Milan was raided by the Guardia di Finanza on Tuesday afternoon.
Milan’s current CEO, Giorgio Furlani, is being investigated by the Milan Prosecutor’s Office for his role in the deal. There is also an investigation into Milan’s former CEO, Ivan Gazidis.
The main point of the investigation is the corporate transfer between RedBird and Elliott Management which took place in August 2022. The alleged offence is that of obstructing the supervisory activities of the FIGC regarding the legal requirements of clubs owning football teams.
Raimondi believes that there is nothing for Milan to be concerned about on a sporting level, meaning there should not be any major fines or points deductions that can damage the playing operation.
He believes that it is a very shaky investigation, but did suggest that one outcome could be that RedBird accelerates the idea of getting investment from the Arab world to remove Elliott from the equation.
“Milan risks absolutely nothing on a sporting level, the investigation concerns the managing directors Furlani and the former Gazidis. They risk the sanctions provided for in Article 2638 of the Italian Civil Code. Elliott, moreover, no longer exercises influence over Lille. So to even hypothesise a violation of the timeshare legislation is fanciful to say the least. The investigation seems to me to rest on a far from solid foundation. Perhaps, however, it could accelerate the entry of the Arab partner in place of Elliott (now RedBird’s creditor). We shall see,” Raimondi said.
Damn!
A certain section of the fan base, PM Stans, would be disappointed reading this.
Need your daily dose of Internet feud?
I’ll never understand this. He is just loaning money to pay a loan, right? Get arab cash to pay out Elliot. But then he will still need to pay out arabs. Whats the f*cking point of that?
That would be in the event of a loan, not a percentage of the ownership of the club. Redbird owes Elliott 550m because of a VENDOR LOAN, i.e. Elliott sold the club to Redbird for 1.2bn, and facilitated a 550m credit instead of making Redbird go to a bank (smart for Elliott because they might be getting interest and smart for Redbird because they don’t need to meet regular bank loan standards like cash flow requirements and reserve capital, with the club itself securing the loan).
The Saudi money would be selling an actual piece of the club to the Saudis. Yes, it would probably mostly coincide with the remaining balance to Elliott, because that’s the point, but then the Saudis would actually own X% of the club. So nobody would be “repaying” them.
I want to qualify this by adding that we COULD technically “owe” the Saudis, or whoever the new investor is, if they “assume” (buy) the loan from Elliott, but I don’t think that is what any deal is going to be. Redbird control 99.9% of the club, and will sell a large minority stake to then pay off the vendor loan.
Modern football is a very serious ‘business’ and not in any way of vehicle for image and money laundering.
Sports Washing is the term you’re looking for.
I wanted to use the word ‘laundering’ to emphasise the ‘money’ part of it.
(You’d never tell from my posts but I’m a sucker for efficient drafting).
I said many times before, this club and its legendary brand name is being tossed around and between vulture funds and shady businessman for money laundering and sportswashing like a cheap back alley h00ker.
Conspiracy theory:
RedBird ignited investigation on Elliott and their representatives Furlani and Gazidis to squeeze them out and accelerate petrodollar investment from the Middle East👀
More likely Elliot the master vulture reported Redbird to squeeze them and have another “owner” default on their debt, thereby gaining control again and making a sh1t tonne load of money
That’s one interpretation. If true the blame ultimately rests with one person: Silvia Berlusconi, who was the first one to pimp the club to the first john, Yonghong Li.
Agree. He brought it up but in the end, he tore it down.
Agree with your original comment and comment about Berlusconi (not sure about your conspiracy theory but something’s dodgy).
As for Berlusconi what did anyone except?
It was Berlusconi!
Sure we should be grateful for the glory days but he was dodgy as fook.
So we were always going to end up like this after he left.
We literally did a deal with the devil!
And now we’re doing a deal with actual fascists.
Good times.
And time to bow out and support Como!
I mean I understood Berlusconi’s ambitions, Milan was his tool for politics. But hey, I fell in love with family that this club and its players formed and represented. There are big clubs but have that cold touch to them (Real Madrid) and then you have clubs that instill tradition and certain values that go beyond football (AC Milan and Liverpool).
@ Ted Completely agree!
I too went along with the journey and what a journey it was.
Truly magical times for which I will be eternally grateful to Berlusconi.
That is what happens when you do a deal with the devil!
And if we do a deal with fascists we may enjoy more good times.
Man City fans seem very happy.
That’s why fascism is so popular.
The question for each of us is what are our limits.
We support the club we support the owners. Do we support the mistreatment of women and minorities, do we support the promotion of extremism and climate change denial, do we support public executions and human rights violations, widespread corruption and the promotion of violence across the Middle East.
This all makes Berlusconi looks like a pussycat.
Well the whole raid and counter investigation by Italian financial police is based on loop holes created by the owners themselves…..I hardly see any end result of all this but if its proven that management of club from elliot to redbird regarding sale is merely on paper than we are in some mess regardless of Saudi investors….First we are in clear violation of uefa rules which will result in being kicked out of uefa cups or heavy fines if not next year then may be in two or three years down the road. The same concept applies in domestic league we can’t be relegated but hence points deduction or fines can be included….the basic scenario includes sale is based on paper only. Where as milan counters with total management control by redbird along with 10 to 20% controlling stake still owned by elliot….the whole deal seems shaky to be honest….the sale plus the investigation, its merely on assumptions unless either party proves….but how Italy operates nothing will eventually come out….the soap opera never ends lol
the fact we paid Lille’s fine for Leao is dodgy, had no reason to do that that and if Leoa had 9ne, we could pay his and let Lille handle their own affairs. Elliot staying on our board made me scratch my head too. This whole ownership group, Elliot and Furliani just come off as shady, untrustworthy individuals that don’t care for football at all either.
As far seats on board membership is concerned its valid because elliot still owes some 10 to 20% stake but what made me scratch my head is the guy running the show furlani was elliot employee previously…I mean this looks suspicious that’s day to day management control and out of everyone in the world gerry got him appointed…..these offshore firms is like spider web they hide and control assets in a very a complex way. Like in financial term we call layering where they hide the actual source of money….now its merely assumptions here the sticky point on what bases financial police raided the offices of one the biggest football club in the world…Well there is an old saying there is no smoke without fire….hope everything clears soon because this is the last thing we need now at this stage of footballing year
After 10+ years of banter, all my heart needs is another exclusion from Europe. Oh well.
Most newspapers do not agree with Raimondo btw. If found guilty, we are faked.
Elliott is thieves and know how to take a chance it’s them who created this sh#t
I will always blame Berlusconi because he didn’t do everything to let us on a good hands with a serious and a potent owner. Instead he only followed his personal and financial interest, he made that dubious deal with that fake investor from China where in fact it was about his black money from China which he repatriated in this way “legally” afterwards he once again sold the club to an Elliot hedge fund. So Berlusconi didn’t really respect this club that gave him so much fame and satisfaction, which is sad, that he couldn’t leave the life of this club as he should, with respect and with the care that it remains in safe and good hands.
True, that transaction was shady af
They need to ban Milan from football so SempreMilan readers can celebrate
No they should ban vulture funds owning football clubs!
Who else is stepping up to buy clubs? Were any Italians coming forward to buy Milan? NO. It’s sovereign funds and asset management funds.
How about sovereign wealth funds?
I believe in the EPL, not sure about Serie A that the league must approve applications to own a club. This includes usual due diligence, ie making sure it’s not some criminal organisation.
Now I’m not saying they are doing a great job with it but the rules are there
This is just pure distraction