Investor sues to block Elliot’s sale of Milan to RedBird

A report from Bloomberg today detailed how minority investor Blue Skye Financial Partners are looking to block the sale of Milan to RedBird.

The minority investor alleges that owners Elliott Management engaged in talks “behind closed doors” to sell the club, in breach of minority rights. Blue Skye are now looking for documents from a court in the US ahead of legal action in Luxembourg, which they hope will annul the sale to RedBird or allow them to obtain damages.

The filing from the minority investor underlined their intention to show how Elliott “operated with malice or deceit” after they released confidential information without seeking prior approval, as well as their failure to hold a proper bidding process.

Blue Skye own around 4.3% of the holding company that owns Milan and they claimed that they were informed by Gordon Singer that the hedge fund was “focused on maximizing value for Milan and it would be privy to any sale,” and instead they suggest that they were left entirely sidelined.

10 Comments on “Investor sues to block Elliot’s sale of Milan to RedBird”

  1. I wish we were sold to Investcorp. At least money would have been spent and all this indecision and uncertainty would be an after thought. Elliott have set us on the right path now it’s time to sell to someone capable of taking us to the next level.

  2. Unfortunately with Gazidis and Elliott, they are going to keep it with their US counterparts. We should have gone with the oil as I am going to be so angry if we have to wait years for more trophies.

  3. @Dazziano Colucci
    It would have been the very same this summer, no matter who bought the club. It still wouldn’t be completed until September, these things take time.

  4. i’m angry myself i would’ve sold to Investcorp, this Red bird corp the way they sounded was they were gonna give Milan a lot of money to invest in players but only to give approval only 50 to 60 million for spending is a big Joke when Mancity just brought a player for 55 mil and that’s before incentives an all i do hope a block of sale does come about Milan are the champs and they needed to see them as not give a transfer Budget of a joke 50 to 60 mil meanwhile other teams in the EPL signing not so great player for way bigger transfer fees i think it was a joke what Redbird gave milan 50 to 60 mil in a transfer budget they should sell if there not gonna take Milan serious give Liverpool
    that to add to there transfer a budget!

  5. @DB Milan Chelsea seem to be doing alright and their situation was far more complex than ours. I’m not panicking and come the next window things could look very different (I hope so), but none of this feels like a healthy takeover

  6. @papa_frezz
    That deal was in the works for a while though, long before we heard about a Milan takeover and it still took months. It is a bit of a wait and see but after 11 years of nothing I can wait a few windows if it means getting the right players.

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