SM: Elliott Management's 5% at Milan a 'warrant' and not equity - the full details

"The request by the Milan Public Prosecutor's Office to dismiss the case is obviously positive news. The request comes following further reviews and international rogatory requests that found no evidence supporting the initial allegations. The matter had already been fully dismissed on the sporting side by the FIGC Federal Prosecutor's Office."

"Moreover, reference to the alleged '5%' does not in any way represent an equity stake in the club. It does not constitute equity, shares or any governance or information rights. It refers solely to a warrant included as part of the 2022 sale transaction - this would only provide for a limited economic participation in the event of a future sale of the club."

"The vendor loan was fully repaid as part of the recent refinancing, while the ownership and control of the club have been and remain fully with RedBird."

The Milan Prosecutor's Office is closing its investigation into AC Milan's ownership structure after finding no evidence supporting initial allegations. The investigation, which began in spring 2024, has been dismissed on both sporting and legal fronts. Elliott Management's retained 5% stake does not constitute equity ownership, shares, or governance rights. Instead, it represents a warrant from the 2022 sale transaction providing only limited economic participation if the club is sold in the future. The vendor loan was fully repaid during recent refinancing, and RedBird maintains complete ownership and control of the club.

Read at SempreMilan