Tuesday the news that shook the environment Milanthe search by the Guardia di Finanza in the Rossoneri headquarters after the investigations launched by the Milan Prosecutor’s Office for the transfer of the majority of the club, in August 2022, from the fund Elliott at the bottom RedBirdculminating in the decision to investigate the CEO Giorgio Furlani and his predecessor Ivan Gazidis for thehypothesis of crime of obstructing the activity of the Italian Football Federation of supervision of the legal requirements of the companies that own football teams. The hypothesis is that Milan is actually still under the controlling influence of the then apparent seller, the Elliott fund by financier Paul Singer.
GDF SEARCHES AT MILAN HOME: FURLANI AND GAZIDIS INDICATED
THE QUARTERLY REPORT – Milan declared themselves a third party to the matter and the Elliott fund responded in a statement denying that it had shares in the club or had control over it. In the meantime, further details emerge on how the GdF and the Prosecutor’s Office arrived at this hypothesis, The Corriere della Sera provides a reconstruction of the facts. The assumptions emerged after the comparison between the data provided to the SEC and the FIGCas well as a very recent one document that Milan would have drawn up for talks with Arab funds as possible investors. Among the indications of accusation, we read, there is the quarterly report of 27 May 2022, provided by Milan to the FIGC, in which no reference is made to the preliminary sales agreement that had been signed 24 hours earlier. Furthermore, the document also omits the part of the meeting minutes in which the minority shareholder Blue Skye asked for clarification on the sale of the club. In addition to this, RedBird would have communicated to the FIGC that half of the payment came from its own fund, while according to what the same company communicated to the SEC (which supervises the American Stock Exchange) “the majority of the capital used for the sale” would come “from a non-relatable corporate vehicle to RedBird”.
THE POSITION OF MILAN AND ELLIOTT
THE VENDOR LOAN AND THE ARAB INVESTORS – Then there is the very recent one document that the Rossoneri club has prepared for the talks held with “investors from the Arab world”, which illustrates the Rossoneri’s corporate structure. Document which leads the GdF Currency Police Unit to conclude “that the vendor loan“, i.e. the loan made in 2022 by the seller Elliott to the buyer RedBird, still today “guarantee Elliott ownership of part of Milan“, reports the Courier. This is because, in the scheme proposed by Milan to the Arabs, Redbird (100% of Milan with 679.5 million euros as of 31 December 2023) would drop to 58.2% (but against an investment that would remain unchanged) in the event that a new investor would acquire 41.7% of Milan by buying back 80% of the famous loan for 487.5 million, of which a portion of 121.9 million would remain.
TICK PIF – From the same document, he reports La Gazzetta dello Sport, another detail emerges: the name of the Arab investor, the PIF fund. In the “Ac Milan Investor presentation”, reference is made to PIF as the financier who would receive “41.7% of the shares through the repurchase of 80% of the Vendor Loan for 487.5 million dollars”. PIF, Saudi Arabia’s sovereign wealth fund, has a net worth of 861 billion dollars (RedBird has 10 billion under management) and has the aim of reaching one trillion by the end of 2025 with investments in various economic areas of the kingdom. Furthermore, in 2021, PIF purchased the Newcastle for 350 million euros and has control of the four big clubs of the Saudi Pro League (Al-Hilal, Al-Ittihad, Al-Ahli, Al-Nassr). The share that PIF would have acquired from Elliott would have been converted into equity – a possibility that does not appear in the documents, Gazzetta highlights -, making the Saudi giant Milan’s second largest shareholder.
WHAT MILAN RISKS
THE FIGC PROSECUTOR MOVES – In the meantime, always reports the Couriertoday the The FIGC prosecutor’s office will ask for the documents of the matter for evaluations from a sporting point of view.
2024-03-13 08:50:00
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