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AC Milan Investor Sues to Block Elliott’s $1.3 Billion Sale

  • Elliott accused of operating “behind closed doors” in sale
  • Famous club won its first Italian championship in a decade

A minority investor in Italy’s AC Milan is pushing to block the 1.2 billion-euro ($1.3 billion) sale of the storied football team to US-based RedBird Capital Partners.

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.