- Eurozone economy grows faster than expected
- Mediators to propose Gaza truce amid deadly Israeli strikes
- China's Hisense first sponsor of new Club World Cup
- Georgia prosecutors probe alleged election 'falsification'
- New Zealand's Ajaz 'emotional' on Mumbai return after perfect 10
- Germany dodges recession, posts surprise growth on spending boost
- Trump, Harris in frantic campaign push as US election nears
- De Zorzi out for 177 as S. Africa power to 527-6 against Bangladesh
- Worries for Japan economy after election shock
- Israel short on soldiers after year of war
- Volkswagen profit plunges on high costs, Chinese slump
- De Zorzi out for 177 as S.Africa power to 413-5 against Bangladesh
- 'CEO of supercute': Hello Kitty turns 50
- Australia head coach McDonald handed new deal until 2027
- Visual artist grabs 'decisive moment' to nurture Chad art scene
- Industrial slump leaves Germany on brink of recession
- 'I'm terrified': French auteur Audiard hits Oscars trail for 'Emilia Perez'
- New Indonesia defence chief harks back to dictator's rule
- In Tennessee, the despair of gun control advocates
- US economy's solid growth unlikely to register at ballot box
- 'A treasure': Japan's Ohtani a hometown hero win or lose in World Series
- Botswana votes with ruling party seeking to extend six decades of power
- Bitcoin close to record as cautious markets eye US election
- Hometown hero Volpe lives dream with grand slam for Yankees
- Rested relief pitchers please Roberts even after Dodgers defeat
- UK's Labour govt prepares to deliver decisive first budget
- Beijing files WTO complaint over EU's new taxes on Chinese EVs
- Volpe's grand slam helps Yankees avoid World Series sweep
- Taiwan battens down for Super Typhoon Kong-rey
- MotoGP world title in sight as Martin, Bagnaia set for Sepang duel
- 'New wave' as start-up sweeps up Thai ocean plastic
- Botswana votes with ruling party aiming to extend six decades of power
- How harmful are microplastics to human health?
- Are bioplastics really the wonder alternative to petro plastics?
- EU's extra tariffs of up to 35.3% on Chinese EVs angers Beijing
- Rumble in the Jungle remembered after 50 years
- Trump risks backlash with anti-trans ads targeting Harris
- Alzheimer's patient 'relieved' at Quebec's assisted suicide policy shift
- Who should get paid for nature's sequenced genes?
- Bodies found as torrential rains slam Spain
- Harris urges US to turn page on Trump 'chaos' in mass White House rally
- Climate change driving 'record threats to health': report
- Harris warns of 'obsessed' Trump power grab at mass Washington rally
- Harris warns against Trump's power grab bid in final election warning
- Southampton, Brentford scrape into League Cup quarter-finals
- PGA players council seeks smaller fields, fewer full tour spots
- Napoli extend lead at top of Serie A with win at AC Milan
- Harris to slam 'unstable' Trump at Washington rally
- Jennifer Lopez to boost Harris at glitzy Las Vegas event
- Global stocks mixed as markets await Big Tech results
NGG | -1.35% | 65.12 | $ | |
RBGPF | 100% | 62.35 | $ | |
CMSC | -0.65% | 24.57 | $ | |
GSK | 0.76% | 38.17 | $ | |
BCC | -5.3% | 131.64 | $ | |
RELX | -0.52% | 47.91 | $ | |
BCE | -0.71% | 32.46 | $ | |
SCS | -3.11% | 12.21 | $ | |
RIO | 0.6% | 66.58 | $ | |
RYCEF | 0.55% | 7.25 | $ | |
CMSD | -0.16% | 24.84 | $ | |
JRI | -0.69% | 12.98 | $ | |
BTI | -1.31% | 34.46 | $ | |
VOD | -2.8% | 9.28 | $ | |
AZN | -1.05% | 75.22 | $ | |
BP | -5.76% | 29.36 | $ |
AC Milan under the microscope as sale to RedBird probed
AC Milan are the latest Serie A football club to fall under the microscope of Italy's investigative authorities after raids on their headquarters as part of a probe into their 2022 sale to American investment fund RedBird.
Police swooping on club offices have become commonplace in recent seasons as financial scandals engulfed Italy's most widely supported team Juventus as part of a broader controversy over player transfer profits in professional football.
Tuesday's raid of Milan's headquarters, a short distance from the iconic San Siro stadium where they play their home fixtures, focussed on their current CEO Giorgio Furlani and his predecessor Ivan Gazidis.
Milan as a club are not on the list of suspects targeted by prosecutors in Italy's economic capital over RedBird's acquisition of the seven-time European champions for 1.2 billion euros (at the time $1.3 billion) from Elliott Management.
Prosecutors reportedly sent Italy's finance police to get material not just from the club's HQ but also at the homes of Gazidis and Furlani.
The pair are under suspicion of hiding from the Italian Football Federation's supervisory body COVISOC that US fund Elliott maintained control of Milan despite the sale to RedBird.
Elliott acquired Milan in 2018 when Chinese businessman Li Yonghong was unable to repay a loan he had taken out when he bought the club from the late Silvio Berlusconi's Fininvest the previous year.
Elliott said on Tuesday that: "This allegation is false. AC Milan was sold to RedBird on 31st August 2022. As of that date, the Elliott funds have had no equity interest in, or control over, AC Milan."
A source told AFP at the time of the sale that RedBird had acquired 99.9 percent of the club's shares, with Elliot no longer possessing capital neither in Milan and not investing in RedBird funds.
To help finance the sale to RedBird Elliott provided a vendor loan to its fellow US fund, a common practice in private equity transactions, for 550 million euros at an interest rate of seven percent.
- Vendor loan -
The terms of the vendor loan, which needs to be repaid in August 2025, state that Elliott can have two representatives on Milan's board of directors.
Currently Elliott have one, their managing partner Gordon Singer who is the son of the fund's founder and president Paul Singer, while two of their former employees are on the board.
Furlani originally joined Milan's board in 2018 when he was still a portfolio manager at Elliott while the club's chief financial officer Stefano Cocirio arrived from that same fund in February last year.
Neither of the two public prosecutors in Milan leading the investigation were available for comment when contacted by AFP.
The probe comes as Elliott battle former minority shareholder Blue Skye, who have contested the sale and have lost a series of civil suits in the United States, Luxembourg and Italy.
In September Elliott launched legal proceedings against Blue Skye in Luxembourg for what a source speaking to AFP called "serious criminal offences" including blackmail, extortion and fraudulent misrepresentation.
Milan, who are currently second in Serie A, won the Italian league championship in 2022 before being acquired by RedBird who also own French Ligue 1 team Toulouse.
The investigation and raids come at a crucial time for Milan as they make moves to build their own stadium in the Milanese suburb of San Donato.
Meanwhile the city of Milan is trying to convince the club and local rivals Inter Milan to take possession of a renovated San Siro, with a feasibility study into the works needed scheduled to be completed before the summer.
Milan have a good chance of reaching the quarter-finals of the Europa League as they lead Slavia Prague 4-2 ahead of Thursday's second leg of their last-16 tie.
C.Garcia--AMWN