Tuesday November 17 2020
Elliot: 'We own 96 per cent of Milan'

Elliott have assured they ‘own 96 per cent’ of AC Milan after questions were raised over the holding company and control of the club.

Newspapers Il Corriere della Sera and Il Sole 24 Ore, as well as RAI television programme Report, delved into the paperwork going back to when Yonghong Li purchased the club from Silvio Berlusconi for €740m in April 2017.

It was done via two different holding companies set in Luxembourg, Rossoneri Sport Investment Luxembourg and Project Redblack.

They were melded together into Project Redblack when Yonghong Li defaulted on a loan payment and Elliott effectively repossessed the club.

The investigations asked questions about the other four per cent, which would appear to be in the hands of Blue Skye, a company run by financiers Gianluca D’Avanzo and Salvatore Cerchione.

They have places on the Milan board of directors and also reportedly had a key role in brokering the sale of Milan from Berlusconi to Yonghong Li.

Il Sole 24 Ore – the Italian equivalent of the Financial Times – suggested it was possible Blue Skye actually had more shares of Project Redblack than previously thought, which would make them and not Elliott the ‘real’ power behind Milan.

This evening, Elliott released a statement via news agency ANSA.

“Elliott Associates LP and Elliott International LP have joint complete control of the holding company that Milan is part of. Elliott owns 96 per cent of the club, while the remaining quota belongs to our partners.

“Elliott is fully committed to taking Milan back to the top of European football, relying on the principles of financial stability and correct supervision, which are now firmly in place.

“Elliott financed Milan’s relaunch in recent years, with over €600m invested in the club. Elliott also committed to participating in a private investment of €1.2 billion for the construction of a new stadium at the vanguard for the city of Milan and an innovative multi-functional district, which together will contribute to the continual transformation of Milan, offering not only an iconic reference point for the city, but also a project of excellence for Italian football.”