AC Milan’s Minority Shareholder Looking To Block The Sale To RedBird Capital

Bloomberg are reporting that AC Milan’s minority shareholder, investment management firm, Blue Skye are pushing to block the 1.2 billion euro sale from Elliott Management to RedBird Capital. Blue Skye hold about 4.3% of Milan and is headed up by Salvatore Cerchione - who has a Board seat with Milan.

The company claim that Elliot engaged in negotiations “behind closed doors” in breach of their minority rights and that they are looking to demonstrate that Elliot “operated with malice or deceit” by not holding a proper bidding process. They claim confidential information was released without seeking prior approval. They also claim to have been cut out of the sale talks.

The company are looking to get document from a US court prior to legal action in Luxembourg to attempt to annul the sale or at least seek damages.

Milan were initially in talks to sell the club to Bahraini fund Investcorp but these talks collapsed.