Italy Probing Elliott’s Sale of AC Milan Soccer Team to RedBird

Italy’s finance police searched AC Milan’s headquarters
Investigators say Elliott may still maintain control of club

AC Milan teammates celebrate scoring a goal against Empoli FC on March 10. — AC Milan teammates celebrate scoring a goal against Empoli FC on March 10.
Photographer: Marco Luzzani/Getty Images

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By Daniele Lepido and Jonathan Browning

March 12, 2024 at 8:23 PM UTC

The current and former chiefs of the AC Milan soccer club are being investigated by an Italian court as part of a broader probe into whether Elliott Management Corp. continues to maintain control of the team even after selling it in 2022 to RedBird Capital Partners.

AC Milan said Tuesday that the headquarters of the seven-time European soccer champion were searched by Italy’s finance police in connection with a Milan court investigation involving Chief Executive Officer Giorgio Furlani and former club CEO Ivan Gazidis. AC Milan said that the club itself is not a subject of the probe.