There are some small issues at the AC Milan club after RedBird have come forward to purchase the club from Elliott Management Corporation. We are talking about Salvatore Cerchione, Founder and managing partner of Blue Skye, a company that owns 4.27% of Project Redblack, the company that controls 100% of Rossoneri Sport Investment Sarl and which in turn controls 99.93% of AC Milan.
Here are his words about the sale of majority of shares to RedBird:
"We are partners with Elliott and have always done everything together in the operation, ever since Yonghong Li was there. In this operation, however, there was no transparency towards us. As an Elliott partner I have never heard of a sale, I have never been informed. This despite having repeatedly asked for details and characteristics of the operation, while in the council no one knew anything. Going to court? In Luxembourg, something is already there, linked to technical issues. Scaroni announced that everything was going according to plan, plans of which I was not informed. This is why I prefer to avoid going to the council at this point. We only asked for transparency. Why weren't we notified of the deal? I have some ideas but I prefer to keep them to myself."
According to today 's Corriere della Sera , Cerchione is studying whether to open a civil case also in Italy after the one in Luxembourg. At the basis of it all would have been the opposition of the board of directors to the sale to Gerry Cardinale: he claimed to have the power of veto and that the value of the club (1.2 billion) was too low.
La Repubblica newspaper reveal that Blue Skye would have had more advantageous conditions if Elliott had accepted the proposal from the Investcorp fund.
More reports also claiming that this issue should notreally affect the transfer of shares to RedBird and the operations of the new owners within the club.
