Sale of AC Milan to RedBird, searches and seizures in Luxembourg. Bankruptcy is also being investigated
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MILAN. From Milan to Luxembourg. In the investigation by the Milan public prosecutor’s office into the sale of AC Milan by Elliot to Gerry Cardinale’s investment company RedBird, the Luxembourg offices of Project Redblack and Rossoneri Sport were searched, the companies with which the American fund controlled the Rossoneri club before the sale for 1.2 billion in August 2022. The activity aimed at the seizure of documents was carried out by the judicial police of the Grand Duchy at the request of the Milanese prosecutors Giovanni Polizzi and Giovanna Cavalleri.
In the file, born from the complaint of the former minority shareholder Blue Skye, the allegations of embezzlement and obstacle to the supervisory functions of Covisoc were disputed. Now it is also discovered that of bankruptcy for which the first two suspects are registered: Jean-Marc Mclean and Daniela Italia, two former directors of Project Redblack, the holding company that controlled 95.7% of Rossoneri Sport, which owned 99% of the Milan. Both replaced by Elliot on February 16 with two Luxembourg corporate vehicles. A new line of investigation opened after Blue Skye’s bankruptcy petition at the Court of Milan for Project Redblack and Rossoneri Sport.
On 27 January 2023, one day after the first acquisitions of documents by the special unit of currency police of the Gdf in various offices of professionals who handled the sale, Project Redblack and Rossoneri Sport moved to the Cayman Islands and Delaware in favor of other attributable two Elliott companies, 515 million euros in cash and another 541 million in bonds, leaving only 46 million in the coffers of Luxembourg vehicles. A figure – according to the financiers behind Blue Skye Salvatore Cerchione and Gianluca D’Avanzo – insufficient to be recognized an alleged payment of 117 million corresponding to a remuneration for the initial investment in the 2018 purchase of Milan from Li Yonghong and the resale in August 2022 at RedBird. The hearing before the bankruptcy section is set for May 24th.
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