AC Milan minority cries foul over planned sale

📆 6/29/2022 2:30 PM
📰 BDliveSA

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Blue Skye Financial Partners says hedge fund Elliott Investment Management didn’t inform it of the proposed deal with RedBird Capital

AC Milan’s Junior Messias in action in the Serie A match against Spezia at the San Siro stadium in Milan, Italy, on January 17 2022 Picture: REUTERS/DANIELE MASCOLO

Blue Skye Financial Partners said hedge fund Elliott Investment Management engaged in “behind closed doors” negotiations to sell the club in breach of its minority rights. Blue Skye is seeking documents from a US court ahead of an imminent Luxembourg legal action to annul the sale or obtain damages, it said in a New York filing.

But Blue Skye said in the filing that it intended to demonstrate that Elliott “operated with malice or deceit” by releasing confidential information without approval and failing to hold a proper bidding process. Blue Skye declined to comment. Elliott didn’t immediately comment on the action while a spokesperson for RedBird declined to comment.

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