The sale of AC Milan to the American investment company RedBird “was decided in an abnormal and opaque way, in serious violation of the law”. It is the harsh j’accuse of the London group Blue Skye, which owns a small stake in the Rossoneri club, in the urgent appeal filed with the Milan Court. The precautionary procedure to suspend the transfer of shares from Elliot to the Gerry Cardinale group, whose closing was finalized at the end of August, will be discussed on Tuesday 13 September before the judge of the Section specialized in business matters.
In the Milanese civil suit filed against the American fund, as stated in the deed signed by the lawyers Maurizio Traverso, Emanuele Breggia and Federico Cerboni, Blue Skye and its parent company, which joined Project Redblack in 2017 (a company established for the investment in Milan), dispute a “fraudulent conduct” against them in the sale of the Italian champion club. 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 Cardinale’s company.
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 “Blue Skye will not will no longer hold any shareholdings “. 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 legal 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 considerable 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 very quickly and without the usual precautions to maximize their value (competition between various bidders, examination of the potential buyer)”.
The hearing will be held the day before the Rossoneri shareholders’ meeting, called for the appointment of the new board of directors of the club after the transfer of ownership.