A minority investor in AC Milan is attempting to block the sale of the Italian soccer club to New York-based private investment firm RedBird Capital Partners, according to Bloomberg.
Blue Skye Financial Partners claims American investment firm Elliott Management held talks “behind closed doors” about the deal, which valued AC Milan at $1.3 billion. Milan has been under Elliot’s ownership since 2018.
To date, the firm has poured as much as $838 million into the club.
In May, RedBird, which has $6 billion in assets under management, agreed to purchase Milan from Elliott.
The sale is now under fire because Blue Skye’s claims are a breach of minority rights.
- Blue Skye has asked a U.S. court for documents regarding the deal.
- This comes before imminent legal action to annul the sale or receive damages.
- Blue Skype hopes to prove Elliot “operated with malice or deceit.”
Despite the controversy, Milan has found success on and off the pitch.
The club won its 19th Serie A title in the 2021-222 season and has generated $257 million in revenue in 2022, up from $165 million in 2021.
Doubled Down
No matter who ends up with a majority stake, the club will maintain its famous red-and-black look. On Wednesday, Milan extended its kit sponsorship deal with sportswear brand Puma.
Germany-based Puma will reportedly pay $31.5 million per year under a five-year contract.
