Milan officials keep dismissing rumors about selling a stake in the team to PIF, but a document part of the ongoing investigation shows that something could, or perhaps was, in the works in that respect, La Gazzetta dello Sport relays.
The so-called ‘Investor Presentation’ anticipated that the Saudi fund would acquire 41,7 percent of the outfit by taking care of 80 percent of the vendor loan from Elliott to RedBird Capital for a total of €487,5M. The cash poured into the club would turn into equity.
According to the detectives, such a document proves that the previous Milan owners have retained control despite the sale two years ago. At the time, Gerry Cardinale stated that using such an instrument, which had a more favorable interest rate than the banks, was his choice and didn’t come from the Singer family.
If PIF bought some shares, it could potentially create a problem with UEFA since they purchased Newcastle for €350M in 2021. They also own four major Saudi Pro League teams. They handle assets for $861B.
The Milan DA’s office is looking into how the takeover went down. They object that most of the money didn’t come from companies directly controlled by RedBird Capital through a series of triangulations. The Italian FA will open its own probe, which could result in a fine or penalization points if the charges hold up. The Rossoneri are mostly accused of incorrect communications.
 |
Follow us on Google News for more updates on Serie A and Italian football |