European justice is investigating Milan

Milan regained their international glory after qualifying for the Champions League semifinals against archrivals Inter on Tuesday, but their success on the pitch was in stark contrast to their legal problems at European level.

this friday morning the headquarters of the Luxembourg company Project Redblack, one of the two holdings that control Milan, was registered by the judicial police. It is an order dated April 12 signed by Pascale Claude, investigating judge of the Luxembourg District Court.

The judge responded to the petition Milan prosecutors Giovani Polizzi and Giovanna Cavalleri, which opened an investigation in Europe. The judicial police obtained many documents related, in particular, to bank accounts.

justice seeks all the necessary information about “the sale or purchase of AC Milan shares in August 2022 and the management of the amounts obtained as a result of this sale”. It also today recovered the registration documents of the second holding company that owns the club, Rossoneri Sport Investment, also from Luxembourg.

The source of the records

These police searches are taking place as a result of complaints filed by minority shareholders of Milan, such as Blue Skye Financial Partners, feeling cheated after the sale of the club in August 2022 by the US fund Elliott Management, it is considered “opaque”.

For its part, the Milan prosecutor’s office opened an investigation for possible “fraudulent bankruptcy”, “abuse of corporate assets” and he would have charged the global CEO of Elliott Management, Elliot Greenberg.

Elliott Management’s response

Given the information that came out today, Elliott specified “Following the announcement of the sale of AC Milan to RedBird (in August 2022), BlueSkye launched a series of frivolous and sensational lawsuits in Luxembourg and now in New York Elliott and his co-investor Arena Investors is nothing but an attempt to extract value, to which BlueSkye has no right. BlueSkye has nothing more than a small indirect stake in AC Milan, most of which is capital controlled and contributed by Arena Investors, who have also loudly and publicly condemned BlueSkye’s actions. The RedBird transaction fully respects this interest, all necessary corporate approvals have been obtained at each stage of the transaction, and BlueSkye will receive all monies to which it is entitled. Elliott and Arena Investors, of course, will vigorously defend each of their interests against BlueSkye’s frivolous and vexatious actions.”