Serie A champions AC Milan are in a delicate situation with the ownership situation as the transfer of the majority of shares will be closed only in September, as per AC Milan club President Paolo Scaroni. But, there is also the problem coming from Blue Skye, minority investors in the club, who did not approve of the sale and did not like the way Elliott handled the situation as they did not tell them details about the negotiations and sale.
Blue Skye Financial Partners said hedge fund Elliott Investment Management engaged in “behind closed doors” negotiations to sell the club in breach of its minority rights. Blue Skye is seeking documents from a US court ahead of an imminent Luxembourg legal action to annul the sale or obtain damages, it said in a New York filing.
Blue Skye holds around 4.3% of the Luxembourg-based holding company that owns AC Milan, according to the filing. It said it had been told just by Gordon Singer, who runs Elliott’s London office and is the son of the founder, that Elliott was “focused on maximizing value for AC Milan and it would be privy to any sale.” Instead, the firm says it was cut out entirely.
Source: bloomberg.com
