CM: A red hot month awaits for Elliott after sale of Milan with two lawsuits open

By Oliver Fisher -

Elliott Management may have sold AC Milan officially to RedBird, but September will be an important month because of two legal battles, a report claims.

Calciomercato.com reports that there have been two lawsuits opened in court by both Yonghong Li – from whom Elliott acquired the club in 2019 – and Blue Skye who became a minority shareholder at the club.

The first hearing is set on the eve of the Milan shareholders’ meeting to be held on 14 September. Blue Skye’s request to block the sale to RedBird will be examined at the Milan Court while other lawsuits have also been started in Luxembourg and New York, because the Blue Skye believe the sale to RedBird was done ‘with malice and deception’ to violate the rights of the minority shareholder.

The hearing in Luxembourg – in which Yonghong Li’s request will be examined – has been postponed to 27 September. The former Rossoneri president requested and obtained the precautionary seizure of €364m from the fund as the difference between the real value of Milan at the time of Elliott taking control of the club and the amount of the debt. That figure was frozen by the court and Elliott have appealed this decision.

Tags AC Milan
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