Documents uncovered during an investigation into AC Milan have revealed that the owners of Newcastle United, the Public Investment Fund (PIF), were prepared to become minority shareholders at the San Siro stadium.
La Gazzetta dello Sport. report that the offices of Milan were raided by the Italian Financial Police on Tuesday amidst allegations that Elliott Management still maintained control over the club, despite the acquisition by Gerry Cardinale’s RedBird.
According to La, a document discovered during the investigation provides evidence that PIF was poised to replace Elliott and assume the role of Milan’s minority shareholder.
The document, titled ‘AC Milan Investor Presentation,’ corroborates previous reports from Il Sole 24 Ore, indicating that PIF intended to acquire 41.7% of Milan’s shares through the repurchase of 80% of a $487.5 million vendor loan.
This vendor loan, initially a €550 million loan provided by Elliott to RedBird during their acquisition of Milan in 2022, was due to be repaid within three years with a 7% interest rate. Essentially, Milan owner Gerry Cardinale would need to repay Elliott approximately €665 million, including interest, by the end of 2025.
