Federal Prosecutor Gets Documents to Open Milan Probe

The Milan DA’s office has transmitted the paperwork of the ongoing inquiry on RedBird Capital and Elliott to the federal prosecutor. He will have up to 120 days to investigate the matter. Then, he’ll decide whether it merits a referral or should be dismissed, at least for the time being, La Gazzetta dello Sport informs.

On the other hand, he received just the recent warrant. For now, most of the documents are protected by investigative secrecy. Therefore, the sports probe will be severely hamstrung to begin with. It could still be re-opened later if there is new and clear evidence.

The last two Milan CEOs are accused of obstructing an authority. The detectives suspect the team’s sale was only simulated and that Elliott still manages it and benefits financially from it thanks to the effects of a capital increase and the possible arrival of new investors.

The stratagem might have been arranged to allow the fund to govern two teams at the same time since Lille are part of its portfolio as well. A recent document about a potential deal with PIF led to last week’s search of the HQ.

The finance police are canvassing the personal devices of the officials to search for confirmation that RedBird Capital did pay €600M to Elliott, as officially announced when Milan changed hands. It may have happened through a company not directly controlled by owner Gerry Cardinale. A vendor loan with a favorable rate covered the rest of the €1.2B sum.

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