Blue Skye: “The sale of Milan to RedBird is irregular”. The reply: “Frivolous actions”

The minority shareholder claims that the Elliott fund acted with “malice and deceit” and wants to block the sale. Those directly involved view this move as an attempt to extract a value to which Blue Skye is not entitled

The legal skirmishes between Blue Skye and the bottom Elliott continue, a poisonous tail when Milan passes into the hands of RedBird. Yesterday, the Bloomberg agency reported the attempt by Blue Skye – a minority shareholder – to block the sale of Milan from the fund chaired by Paul Singer to the company headed by Gerry Cardinale (signing already occurred, closing scheduled for September). Blue Skye Financial Partners (which owns 4.27% of Project Redblack, the company that controls 100% of Rossoneri Sport Investment Sarl and which in turn controls 99.93% of Milan) says that Elliott has committed to sell the club “behind closed doors”, in violation of its rights as a minority member. Blue Skye, also according to Bloomberg, is filing a lawsuit in Luxembourg in order to cancel the sale or obtain damages, as stated in documents filed in New York, which speaks of “malice or deceit” on the part. that Elliott would not have properly informed Blue Skye about the bidding process.

The replica

On the other hand, Elliott and the co-investor Arena Investors let it be known that they are not in the least worried by the moves of Blue Skye, the company for which the former Rossoneri board member (resigned) Salvatore Cerchione works. A spokesperson for Elliott states that the fund considers the disputes initiated in Luxembourg and New York to be “frivolous and harassing”. And to consider them “aimed at extracting a value to which Blue Skye is not entitled. BlueSkye has nothing but a small indirect stake in AC Milan, the vast majority of which is made up of capital controlled and paid up by Arena Investors, which in turn condemns firmly and publicly the actions of Blue Skye “. Also according to this source, “the transaction with RedBird fully respects this interest, all the necessary corporate approvals have been obtained at every stage of the transaction and Blue Skye will receive all the sums it is entitled to. Elliott and Arena Investors will obviously vigorously defend any their interest against Blue Skye shares, and they expect to win. “