Milan sale: tomorrow hearing in Milan on the Blue Skye-Elliott appeal

As anticipated last week, the urgent appeal filed by Blue Skye at the Section of the Milan Court specializing in business matters will be discussed on Tuesday 13 September. The Luxembourg company, former minority shareholder in the management of AC Milan, asked to block the sale of the Rossoneri club from the Elliott fund to Gerry Cardinale’s RedBird, whose closing was finalized at the end of August. Blue Skye and its parent company Luxembourg Investment Company complain that “they have never been able to obtain any information on this sale, in which they were directly interested”. The Luxembourg companies have already initiated similar proceedings in Luxembourg and New York: tomorrow’s one in Milan will be discussed in a hearing before judge Angelo Mambriani.

Request for radical nullity

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In the Milanese civil suit brought against the Elliott group – as stated in the deed signed by the lawyers Maurizio Traverso, Emanuele Breggia and Federico Cerboni – Blue Skye and its parent company, which entered Project Redblack in 2017 (a company established for the investment in Milan), dispute a “fraudulent conduct” against them in the sale of the Rossoneri company from Elliott to RedBird. And on the merits they ask for the “radical nullity and ineffectiveness of all the acts” and first of all for the agreement of last May 26 “for the purchase of the shares” between Elliott and the Cardinal fund. In particular, in the precautionary appeal under discussion tomorrow (a decision will arrive in the next few days) the Luxembourg clubs ask the judge to adopt an emergency measure to inhibit the “execution” of the agreements on the sale of Milan.

Opacity

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According to Blue Skye, as stated in the appeal of over 30 pages, following the outcome of the sale “the Elliott Group will remain with important post-sale interests in Milan (between 30 and 49%)”, while the Luxembourg companies ” original partners, will remain members of a company without the only asset “, that is Milan,” and not able to face the repayment of their debts “. In addition, again according to the lawyers of the plaintiff companies, the sale would have characteristics of “absolute opacity” and “contrasts with the rules of the Uefa system”, since “it will allow the Elliott Group to maintain, illegitimately and with very serious risks for Milan in terms of penalties, control and / or significant influence on two teams entered in European competitions “, the Rossoneri club and Lille. The sale of AC Milan’s shares, the lawyers still insist, “was decided in a very short time and without the usual precautions to maximize their value (competition between various bidders, examination of the potential buyer)”. And “in an abnormal and opaque way – they conclude – in serious violation of the law, with the aim of keeping” Blue Skye and its parent company “in the dark.

Elliott serene

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The Elliott fund, for its part, has repeatedly defined this action as “frivolous and vexatious”, stressing its correctness in the procedure that led to the transfer of ownership of the Italian champion club.