The Saudi fund that owns the Premier League club was ready to buy the Italian grandee

Italian financial police raided Milan's offices on Tuesday amid the sale of shares in the club to Elliott Management in the summer of 2022 to Gerry Cardinale and interesting details of the deal have emerged after the investigation began.

According to La Gazzetta dello Sport, a document that has emerged during the investigation confirms that the Saudi Arabian Sovereign Fund was willing to replace Elliott and become a minority shareholder in Milan.

The document, called "Presentation to Milan investors", confirms information published last week in Il Sole 24 Ore newspaper. The sovereign fund planned to acquire a 41.7 per cent stake in Milan by buying out 80 per cent of a $487.5 million loan.

The total loan of €550 million was provided to RedBird Elliott when Milan was acquired in 2022 and was to be repaid in three years with an interest rate of 7 per cent.

This means that Milan owner Gerry Cardinale will have to repay Elliott around €665m, including interest, by the end of 2025.

As a reminder, it was the Saudi Arabian Sovereign Fund that took ownership of Newcastle in October 2021, buying an 80 per cent stake from Mike Ashley for £300 million.