Blue Skye’s attempts to obtain confidential documents relating to the sale of Milan from Elliott to Redbird have failed after a US court ruled against the request, reports detail.
Blue Skye – led by Salvatore Cerchione and Gianluca D’Avanzo – believe their investor rights were violated, accusing Elliott and RedBird of carrying out the €1.2 billion deal behind closed doors. The finance company was a minority shareholder (4.3%) in Project RedBlack, the club’s holding company.
The company have initiated legal action against Elliott and RedBird, starting eight separate cases of civil action spread across Italy, Luxembourg and the United States. Two of these cases have already failed, whilst the remaining six have not reached their outcomes yet.
As detailed by Calcio e Finanza, a court in New York decided not to let Blue Skye view confidential documents related to the Milan deal, a minor win for Elliott and RedBird as they fight the legal action.
RedBird will not have to send any documents to Blue Skye, but Elliott will have to provide those related to two employees in New York.
Faced with the failures with civil action, Blue Skye have also filed a criminal complaint, making further allegations against the two companies. Elliott suggest these complaints are without foundation and have filed a counterclaims.
A source close to proceedings told Calcio e Finanza: “Elliott, in any event, will continue to vigorously defend itself against each of Blue Skye’s claims in every jurisdiction and at every stage of the legal proceedings, however long that may take, expecting to prevail completely.”