Friday, April 12, 2024

AC Milan CEO Giorgio Furlani and former CEO Ivan Gazidis being investigated by Italian authorities, per report

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A new scandal might affect Italian soccer and AC Milan. On Tuesday, Italian newspaper Corriere della Sera revealed that the Italian financial authorities were in the club’s headquarters to obtain documents about an ongoing investigation of the current AC Milan CEO Giorgio Furlani and former CEO Ivan Gazidis for obstructing the Italian FA’s supervisory activity. The subject of the investigation, as per the same report, is the question of whether Milan is really owned by Gerry Cardinale’s RedBird Capital group or whether, in reality, the club are still under the controlling influence of their former owners, the Elliott Management, controlled by Paul Singer.

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According to the same report, the investigation centers around the possibility that former owner, “Elliott Fund currently retains substantial control of the company AC Milan, whereas the Authority FIGC supervision would have, however, represented the actual transfer of the property in favor of Gerry Cardinale’s ‘RedBird Fund’ in 2022.

“The prosecutors wrote this in the search decree against the four suspects, including Furlani and Gazidis. The decree also states that the circumstance appears to emerge that the majority of the capital used for the sale comes from a corporate vehicle not referable to RedBird itself. The other two individuals under investigation are Daniela Italia and Jean Marc Mclean, directors of the Luxembourg company Project Redblack, which controls Rossoneri Sport Investment.”

AC Milan issued an official statement on the matter: “Regarding the search that took place today in its headquarters, the AC Milan company is third and unrelated to the ongoing proceedings relating to the acquisition of the same, completed in August 2022. The investigation, which also involves the legal representatives with signing power, Giorgio Furlani and Ivan Gazidis, current and previous CEO of the Club, hypothesizes incorrect communications to the competent supervisory authority. The company is providing full cooperation to the investigating authority.”

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