Italian police financial squad raided AC Milan headquarters on Tuesday as part of an investigation into the club’s sale to US investment fund RedBird in 2022. The seven-time European champion club confirmed the investigations, revealed by the Italian agencies of Ansa and AGI, but indicates that the club itself is not the subject of an investigation.

AC Milan boss Giorgio Furlani and his predecessor Ivan Gazidis are in the sights of the financial brigade, for “incorrect communication” towards the governing bodies, at the time of the sale in 2022. The club, currently second in the ranking of Serie A, says “cooperate fully with the authorities”.

According to AGI, the two leaders are the subject of an investigation for having obstructed the work of Covisoc, the financial watchdog of the Italian Federation (FIGC). The investment fund Elliott Management, a former shareholder of the Lille club in France, sold AC Milan to RedBird Capital in 2022 for 1.2 billion euros. The latter fund also owns Toulouse FC in Ligue 1.

RedBird Capital had taken out a loan from Elliott Management, the selling fund, to be able to finance the acquisition, AFP learned at the time of the sale.