€1.2bn sale of AC Milan stuck in US court as Elliott accused of keeping shareholders in the dark

July 19 – A US judge has granted a minority AC Milan investor access to documents in a lawsuit to stop hedge fund Elliott Investment Management LP from completing a 1.2 sale billion euros from the newly crowned Italian champions.

Last month, Elliott agreed to sell to fellow US investment group RedBird Capital, which said it would retain the club's main management - chief executive Ivan Gazidis, chief revenue officer Casper Stylsvig and technical director Paolo Maldini - and that his priority would be to "continue Milan's journey to the top of world football".

But Blue Skye Financial Partners, which said it owns 4.3% of AC Milan, has accused Elliott of violating its rights by engaging in months of "behind closed doors" talks to complete the sale of the seven times European champions.< /p>

U.S. District Judge Katherine Polk Failla in Manhattan said Blue Skye had met the legal standard to obtain the "limited" number of documents requested to block the sale or obtain damages.

In a statement, Elliott said he would defend his position against Blue Skye's "frivolous and vexatious" actions, and that Blue Skye would receive all his due.

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