Italy’s finance police probe Ac Milan’s $1.3b takeover

Rome: Italy’s finance police (Guardia di Finanza) launched an investigation Thursday into the sale of football club AC Milan last summer, the state-run ANSA news agency reported.

ANSA said police seized documents from the Milan offices of US investment firm RedBird Capital Partners, who purchased AC Milan for 1.2 billion ($1.3 billion) on Aug. 31, 2022 after entering into an agreement with Elliott Advisors UK Limited.

It added that Blue Skye Financial Partners, a Luxembourg-based holding company with a minority stake in AC Milan, complained about former owners Elliott and attempted to block the club’s sale to RedBird.

Following the complaints, Guardia di Finanza began an investigation and seized some documents, but AC Milan’s headquarters were not searched.

Established in 1899, AC Milan has amassed many honors, including 19 Italian top-tier Serie A titles, seven UEFA Champions League trophies, five UEFA Super Cups and a FIFA Club World Cup.

AC Milan are the defending Italian champions. In May, they won the Serie A after 11 years.

Italian authorities have begun putting football clubs under the microscope to monitor their financial transactions.

Last week, Italian football powerhouse Juventus were given a 15-point reduction in the standings in the Italian top-tier Serie A for capital gains violations.

Juventus were reportedly being investigated for “false accounting” and “market manipulation.”The Italian Football Federation (FIGC) confirmed the sanction against the Turin club and banned 11 former senior executives, including former chairman Andrea Agnelli, former vice-president Pavel Nedved and former sporting director Fabio Paratici.