CorSera: Blue Skye granted access to Milan sale documents but RedBird lawyers respond

By Oliver Fisher -

The fall-out regarding the sale of AC Milan from Elliott Management to RedBird Capital continues, and now the FIGC have thirty days to deliver documents on the sale to Blue Skye.

According to what is being reported by Corriere della Sera (via, the Lazio Regional Administrative Court have accepted the appeal of Blue Skye and now they have a month to give documents pertaining to Milan’s transfer of ownership over to the minority shareholder.

A clash erupted when Salvatore Cerchione and Gianluca D’Avanzo – who are behind Blue Skye – accused Milan of conducting the sale of the club behind closed doors and therefore excluding them as minority shareholders from having a say.

There are multiple layers to things though, as there is a civil case in Milan, a few going on in Luxembourg, one in the United States and also one at the Milan Public Prosecutor’s Office.

For the first time some documents have been made available that are a defence from the club’s current hierarchy, claiming that Blue Skye have used ‘an unjustified multitude of judicial initiatives’ of a ‘reckless and specious nature’ which are ‘macroscopically aimed at obtaining further and undue economic advantages’.

Cardinale’s lawyers, in the deed filed a few days ago, focus on two points: the alleged injury to Blue Skye’s interests with the ‘cancellation’ of the pledge and the answer to the doubts on the modality of the transfer of Milan from Elliott to RedBird.

Blue Skye were a minority shareholder (4.3%) of Project Redblack, the vehicle controlled by Elliott Management (95.7%) through which the company owned Milan.

Cardinale has rejected Blue Skye’s complaints arguing that ‘nothing has changed because essentially the pledge has transferred from the AC Milan shares to the proceeds from the sale of these shares’.

The second point concerns the change of ownership, to which Cardinale’s lawyers argue: ‘Contrary to what Blue Skye asserts, the Elliott group has not maintained any minority stake in AC Milan. In fact, it was confirmed that on August 31, 2022 RedBird, through ACM Bidco, purchased all the shares that Rossoneri held in AC Milan’.

The lawyers conclude that ‘it is really not clear what alleged ‘mystery’ would be connected to the operation in question’.

Tags AC Milan

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