The AC Milan takeover looked complete just a short time ago. Now, Blue Skye Financial Partners, a minority investor in the club, is suing to block the sale to RedBird Capital Partners, according to Bloomberg.
A minority investor in AC Milan is pushing to block the sale of the team to US-based RedBird Capital Partners https://t.co/tCE6yNq0u0
— Bloomberg (@business) June 29, 2022
New Twist in the AC Milan Takeover Saga
A Roadblock
Milan looked set to be sold for €1.2 billion to RedBird. Elliott Investment Management, the current owners of the Rossoneri, intended to complete and formalize the sale of the club by September. With that being said, Elliott also intended to keep a minority share as Milan rose from the ashes under their leadership and are now the reigning Serie A champions.
📅 On this day one month ago…
🏆 #ACMilan became the Champions of Italy for a 19th time after a 3-0 win over Sassuolo ❤️🖤 pic.twitter.com/cULc5QtXYx
— MilanData📊 (@acmilandata) June 22, 2022
Blue Skye, however, is claiming that Elliott engaged in negotiations “behind closed doors.” This breaches an agreement in Blue Skye’s minority rights. Blue Skye also says that they can prove that Elliott operated with “malice or deceit” as they claim Elliott released confidential information and failed to hold a proper bidding process.
The minority investor, who owns 4.3% of the Luxembourg-based holding company that also owns Milan, claim that Gordon Singer, the son of the founder of Elliott, told them that they would be “privy” to any sale.
It would be ideal for Milan that this issue resolves itself in a quick and quiet manner. The club has already missed out on three transfer targets such as Renato Sanches, Enzo Fernandez, and Sven Botman. Perhaps that’s not a direct result of the ongoing takeover concerns, but Milan are falling behind in the transfer market. The club is fresh off their best season in over a decade and need to carry that momentum with them into this summer.
