La Milan Public Prosecutor's Office lights the light on the sale of Milan from the Elliott fund to RedBird by Gerry Cardinale, which took place in August 2022. A series of acquisitions by the Currency Police Unit of the Guardia di Finanza of Milan in the context of an investigation ordered by the magistrates following a complaint presented by the minority shareholder of Milan, the Luxembourg company Blue Skye.
Sale of Milan, Blue Skye: violate some rules
As far as has been known, the Gdf is carrying out acquisitions of documents in some offices (not in the Milan headquarters) starting from the complaint of the Luxembourg company Blue Skye by Salvatore Cerchione and Gianluca D'Avanzo. The company, in reconstructing some aspects of the operation, claims they were you break some rules. At the moment the open file against unknown persons hypothesizes a alleged embezzlement, but there are no suspects.
At the end of August 2022, the Elliott fund sold AC Milan to RedBird, as part of a transaction which involved the sale of 99,93% of the shares for an amount equal to 1,2 billion euros.
The Luxembourg company Blue Skye, a minority shareholder of AC Milan, had turned to the civil court of Milan to block the operation (then giving up on 13 September last), after it had already started two causes in the court of Luxembourg and one in the court of New York. According to Blue Skye Elliott would have sold Milan in violation of his rights as a minority shareholder, operating “with malice and deceit”.
As Radiocor explains, the relationships between Elliott and Blue Skye they date back to a few years ago, after the acquisition of the grand hotel Bauer in Venice was carried out with the capital of the Singer fund (and with the contribution of Blue Skye). Their paths cross again in 2018, after the enforcement of the pledge against Yonghong Li (former AC Milan owner). In the spotlight, as emerged from some past journalistic investigations, there are the voting rights of Blue Skye on the controlling holdings of Milan, despite the share of the London fund being only a minority.
