Elliott Management have completed the reorganisation of shares in Project Redblack, the Luxembourg company which owns Milan.
According to Calcio e Finanza, the American fund have completed the change in shares of Project Redblack, which owns 99.93% of AC Milan through Rossoneri Sport Investment Luxembourg.
After the exercise (at a symbolic cost of €1) of the call option (imagine an option to buy, but in shares) on the class C shares of Project Redblack and the transfer of this class of shares from Blue Skye to King George LLC, the fund headed by Paul Singer has also adjusted Project Redblack’s charter.
The shareholders’ meeting of the Luxembourg company – which met on January 29 – acknowledged that with the transfer to Elliott, all the class C shares were transformed into class A shares.
Below is the new constitution of Rossoneri Sport Investment Lux:
In addition, the meeting also amended the bylaws of Project Redblack to take into account the cancellation of class C shares.