GdS: “Earthquake at Casa Milan”

Yesterday, financial police showed up at AC Milan's headquarters to search for documents as part of an investigation into the sale of the club.

La Gazzetta dello Sport (shown below) wrote how an “earthquake occurred in Casa Milan” last night when authorities arrived at the Rossoneri's offices. The Milan Public Prosecutor's Office informed four suspects of the arrest warrant information.

These four are: Giorgio Forlani, the current CEO of Milan; Ivan Gazidis, CEO of Satan from 2018 to 2022; Daniela Italia and Jean-Marc McLean, Elliott's expression on the board of directors of Project Redblack, the Luxembourgian company that at that time (2017) used the loan to Yonghong Li and then the club's shareholder, at least until the sale to Redbird.

Milan's judges believed the sale was “so opaque and opaque”, that it was presumed, for all intents and purposes, that “the Elliott Fund currently retains significant control over Milan”.

Accusations

What will Forlani and Gazidis in particular be charged with? This charge is contained in Article 2638 of the Civil Code, which refers to the impediment to the functions of public supervisory authorities. In this particular case, the Football Association.

As managing directors, according to the accusation again, the two disclosed material facts that were not true and, in any event, were concealed by fraudulent means, in whole or in part, facts that they should have communicated in relation to their relative economic, patrimonial and financial relationships. Status of the club's ownership structure.

In practice, in the official correspondence to the Italian Football Federation, signed first by Gazidis and then by Forlani, complete and truthful information about Milan's ownership was not provided.

They allegedly committed for example that it would not be RedBird or Gerry Cardinale at the top of the corporate structures that would control the club, but rather the company Rb Fc Holding Genpar Llc, headquartered at the same address – in Delaware (USA) – as King George Investments. LLC and Genio Investments, the majority shareholders in Elliott's stake in Project Redblack.

The big question

However, regarding this fact, Casa Milan points out that the title itself refers to a huge center of different companies (three thousand companies), and obviously not all of them refer to the Elliot Galaxy.

The basic question is always the same: who really owns Milan? For the Milan Prosecutor's Office, the answer instead of RedBird seems to be Elliott, also due to the nature of the sale through the so-called “seller's loan” (the loan from the seller himself) which “guarantees this last investment fund”. Ownership of part of society.

Specifically, based on a complaint about the Milan sale, filed by Blue Sky in September 2022, investigators began putting the sale from Elliott to Redbird under a magnifying glass.

Blue Sky is the Luxembourg company that in 2017, together with Elliott, conceptualized the financial process of granting the loan to Lee, and then secured AC Milan as a pledge through the Red Black project.

At the time of the sale to RedBird, Blue Skye was ousted as a minority shareholder in the Redblack project, without a unanimous decision of all board members.

Hence the complaint, which the Milan Public Prosecutor's Office followed up with an ongoing investigation, with a search of Casa Milan and a search of the devices (phones, computers) and the premises (offices and residence) available to Forlani and Gazidis.

The action of the police, as described in the same decree, was particularly rapid, as there were “special urgent reasons on account of the possibility of dispersing the objects which were the subject of the crime or also connected with it in connection with it”. For a possible cancellation activity for itself.

Defenses

Naturally, responses arrived from both Milan and the Elliott Fund yesterday as well. We start with Milan.

“With regard to the search carried out today at its headquarters, Milan comes in third place and has nothing to do with the ongoing procedures related to its acquisition, which were completed in August 2022.”

However, Forlani's defense will focus on the absolute transparency and veracity of the information provided to the Italian Federation (even in the case referred to in the decree, in which an unannounced sale of the club in May 2022 is referred to, when in fact only a preliminary sale contract was signed). ).

A spokesman for Elliott explained yesterday evening: “We have taken note of the investigations in news reports into the current and former CEO of Milan in relation to the club’s accusation that he is still affiliated with Elliott and that this matter was kept secret from the Football Association.”

“This accusation is false. Milan was sold to RedBird on August 31, 2022. As of that date, Elliott no longer has any shareholding or control in Milan.

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