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Sunday, April 21, 2024
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RedBird’s Purchase of AC Milan Under Investigation

  • An Italian government agency is looking into alleged embezzlement claims.
  • The claims were made by Milan minority investor Blue Skye Financial Partners.
AC Milan

Last year’s $1.3 billion sale of AC Milan to New York-based investment firm RedBird Capital Partners is under investigation in Italy.

The Guardia di Finanza — which investigates financial crimes — has reportedly requested documents from accountants and advisors who helped facilitate the deal. The agency is looking into alleged embezzlement claims by Milan minority investor Blue Skye Financial Partners

  • In June 2022, Blue Skye claimed that former Milan owner Elliott Management held talks “behind closed doors” about the sale. 
  • That same month, Blue Skye asked a U.S. court for documents regarding the deal to prove that Elliot “operated with malice or deceit.” 
  • In July 2022, U.S. District Judge Katherine Polk Failla authorized Blue Skye to obtain a “limited” number of documents to use in court. 
  • Two months later, Blue Skye’s attempt to freeze the sale of Milan was dropped following a hearing in an Italian court.

AC Milan Investor Drops Petition to Suspend $1.2B Sale

An investor in AC Milan will drop attempt to freeze sale.
September 14, 2022

Milan — the 14th-most-valuable soccer team in the world, per Forbes — won its 19th Serie A title last season and is currently second in the domestic standings behind Napoli. 

New Investor 

In August 2022, MLB’s New York Yankees and the Main Street Advisors investment fund reportedly became stakeholders in Milan. The deal could bring the Serie A club’s broadcasts to the Yes Network — a regional sports network owned by the Yankees, RedBird, Amazon, and others.

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