MN: Milan Board of Directors give approval regarding sale of club to RedBird

By Oliver Fisher -

A meeting was held today between the AC Milan Board of Directors during which they approved the sale of the club, according to a report.

According to the latest from MilanNews, the Milan Board of Directors met on Saturday, and during the meeting the members expressed a strong appreciation for the outcome of the transaction between Elliott Management and RedBird.

There was one person who did not express his approval and that was Salvatore Cerchione, who resigned from the Board of Directors as a result. However, it is an overall positive opinion that is must added to that recently expressed by the APA, the Small Shareholders’ Association.

During a piece on the Financial Times, Cerchione criticised the club’s takeover process and in particular how out in the open a lot of the information has been, labelling his group Blue Skye – who own 4.27% of the parent company of the club – as being ‘unhappy’ and ‘confused’. Possible legal action against Elliott now beckons.

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