Elliott Management Fires Back at L’Équipe Over Milan-Lille Allegations

FolioPitch.com – 06 October 2026 | In a swift and forceful rebuttal, Elliott Management publish response as L Équipe allege Milan-Lille links, denying any wrongdoing and accusing the French newspaper of publishing selective and misleading information. The American hedge fund, which owned AC Milan from 2018 to 2022, issued a statement on Tuesday after L’Équipe, France’s largest sports daily, ran a front-page investigation claiming that Elliott simultaneously controlled both Milan and Lille OSC, a violation of UEFA’s multi-club ownership rules.

According to L’Équipe, the investigation is based on chats and emails seized by Italy’s Guardia di Finanza, which allegedly show that Elliott managed the two clubs between 2020 and 2022. The report describes the relationship as ‘ambiguous’ and claims that UEFA’s rules were circumvented through the use of warrants, veto rights, and holding companies registered in Luxembourg and Delaware. The allegations, if proven, could have serious implications for both clubs, although Milan has since been sold to RedBird Capital Partners.

Elliott’s response was unequivocal. In a statement, the fund said: ‘Italian prosecutors have analysed and assessed all of this material, in its proper context, and have recommended that the proceedings be dismissed without any charges being brought.’ The statement further expressed disappointment but not surprise that ‘shortly before the Italian court considered this recommendation, some selected materials were made public – most likely by a frustrated opposing party, prone to baseless legal action, who had not been successful in any of the numerous legal proceedings they had initiated.’

The hedge fund also pointed to UEFA’s previous investigation into the matter, which concluded that Elliott does not exercise any control or decisive influence over LOSC. ‘Elliott’s only relationship with LOSC has always been that of a financier. Simply put, none of these allegations have any merit,’ the statement added. This is not the first time that links between the two clubs through the fund have been alleged, but Elliott hopes this latest clarification will bring a definitive end to the speculation.

The timing of L’Équipe’s report is notable, coming just before an Italian court is set to consider the prosecutors’ recommendation to dismiss the case. Elliott’s suggestion that the leak came from a ‘frustrated opposing party’ hints at a broader legal battle, though the fund did not name any specific entity. The allegations of multi-club ownership are particularly sensitive in European football, where UEFA regulations prohibit any individual or entity from having control or decisive influence over more than one club competing in the same competition. The rules are designed to protect the integrity of the sport and prevent conflicts of interest.

Elliott’s ownership of Milan ended in 2022 when the club was sold to RedBird Capital Partners for €1.2 billion. During Elliott’s tenure, Milan won the Serie A title in 2022, their first in 11 years. Lille, meanwhile, was owned by Elliott through a separate investment vehicle, but the fund has consistently maintained that it was a passive financial investor without operational control. The L’Équipe report, however, claims that documents show otherwise, pointing to a complex web of holding companies and legal arrangements that allegedly gave Elliott effective control over both clubs.

Legal experts suggest that the case could hinge on the interpretation of ‘control’ and ‘decisive influence’ under UEFA rules. While Elliott acknowledges providing financing to Lille, it insists that it did not have the power to make sporting or managerial decisions. The Italian prosecutors’ recommendation to dismiss the case appears to support Elliott’s position, but the public disclosure of the seized materials has reignited the debate. The court’s decision, expected in the coming weeks, will be closely watched by football governance bodies and club owners across Europe.

In the meantime, Elliott Management publish response as L Équipe allege Milan-Lille links serves as a reminder of the heightened scrutiny on multi-club ownership models. As investment funds and conglomerates increasingly acquire stakes in multiple clubs, UEFA and other regulators are under pressure to ensure that competitive balance is maintained. For Elliott, the priority is to clear its name and move on from an episode that it believes is based on unfounded accusations. The fund’s statement concludes with a confident assertion that ‘none of these allegations have any merit,’ signalling that it will continue to defend its reputation vigorously.

As the legal process unfolds, the football world will be watching to see whether the Italian court dismisses the proceedings as recommended, or whether the allegations lead to further investigation. Either way, the episode underscores the complexities of modern football ownership and the challenges of enforcing regulations across borders. For now, Elliott Management publish response as L Équipe allege Milan-Lille links remains a hot topic, with both the fund and the newspaper standing by their respective positions.