Milan’s sale to Gerry Cardinale under scrutiny in Luxembourg

Luxembourg’s Criminal Investigation Department raided Project Redblack and Rossoneri Sport’s headquarters in the Grand-Duchy, as reported by Il Corriere della Sera.

Project Redblack and Rossoneri Sport are the two holdings that Elliot fund used to sell Milan to Gerry Cardinale’s RedBird in August 2022 for more than a billion euros.

During today’s raid, the Criminal Investigation Department seized documents related to the sale of the club. The searching was requested by Milano’s prosecutors Giovanni Polizzi and Giovanna Cavalleri.

This is part of an investigation which is ongoing in Italy started with a complaint from Luxembourg’s firm Blue Skye, Elliot’s minority shareholder in the club, about the sale of the club.

Three people all linked to Project Redblack and Rossoneri Sport have been accused of abuse of social assets and fraudulent bankruptcy: Jean-Marc McLean, Daniela Italia and Victor Schuh.

Milan did not issue an official statement to address the case but La Gazzetta dello Sport add that as of right now, neither the club nor Gerry Cardinale are involved in the investigation.

Andrea Agostinelli I GIFN