The financial team of the Italian police raided the headquarters of AC Milan on Tuesday as part of an investigation into the sale of the Italian soccer club to the American investment fund RedBird Capital in 2022, AFP reported.

AC Milan sale by Elliott Management to RedBird in 2022 under scrutiny from Italian authorities

AC Milan, the seven-time European champions, confirmed the investigation, which was reported by Italian news agencies ANSA and AGI, but said the investigation was directed against the club itself.

AC Milan managing director Giorgio Furlani and his predecessor Ivan Gazidis are under investigation by the finance team for “misunderstandings” with governing bodies during the 2022 sale.

Milan, who are second in Serie A, said they would “cooperate fully with the authorities”.

According to AGI, the two leaders are under investigation for having obstructed the activities of COVISOC, the financial police of the Italian Football Federation (FIGC).

The investment fund Elliott Management, a former shareholder of the French club “Lille”, sold “Milan” to RedBird Capital in 2022 for 1.2 billion euros, reports Agerpres.

In a short statement sent to the Italian news agency ANSA, Elliott claimed that all the allegations were “false” and that “Elliott no longer owns any shares in Milan and no agreement to control the club.”

RedBird Capital also owns the French first league club FC Toulouse. The fund received a loan from Elliott Management, the sell-side fund, to be able to finance the acquisition, AFP learned at the time of the deal.