The FIGC Federal Prosecutor’s Office has the proceedings on the transfer of ownership of Milan from Elliott to Red Bird have been closed, which took place in August 2022. The investigation by Giuseppe Chinè’s office was opened last March after the acquisition of part of the documents from the Milan Public Prosecutor’s Office which investigated the financial operation.
What the investigation was about
The work of the Milan prosecutor’s office was focused on sale of Milan from Elliot to RedBird. The contested hypothesis was that of a control maintained by Paul Singer’s fund over the Rossoneri, a sort of “hidden” owner after the “alleged” simulated sale to Gerry Cardinale’s fund. Among the possible reasons behind the “fake transfer” was hypothesized an interest of Elliot to recapitalizethat is, to bring in new investor members, taking into account, then, that Paul Singer’s fund collects interest at 7% on the 560 million euro loan granted to the “buyer”, i.e. the RedBird fund.
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Sale of Milan from Elliott to RedBird. The Prosecutor’s Office hunting for evidence: PCs and mobile phones opened
Also this way Elliot would have the problem of “conflict of interest” has been “dribbled” with respect to UEFA regulations double ownership (being already owners of the Lille, French team). After the seizure of the devices and telephones of the protagonists of the affair (searched through around forty keywords) and the searches by the Gdf’s special currency police unit in Casa Milan, carried out by the CEO Giorgio Furlani and his predecessor Ivan Gazidis, the Milan prosecutor’s office has decided to dismiss the casefinding no evidence to prove the occult property.
