Italy’s financial police is seizing documents related to the sale of AC Milan to a group of investors led by RedBird Capital Partners, people with knowledge of the matter said.
(Bloomberg) — Italy’s financial police is seizing documents related to the sale of AC Milan to a group of investors led by RedBird Capital Partners, people with knowledge of the matter said.
Police seized documents from external advisers involved in the sale of the soccer team, the people said, asking to not be named because the matter is not public. The operation is part of an investigation by Milan prosecutors over alleged irregularities after fund BlueSkye denounced the sale. Radiocor first reported about the operation.
New York-based RedBird’s agreement to acquire a controlling stake in AC Milan from hedge fund Elliott Investment Management prompted Blue Skye to file a lawsuit last year. Blue Skye holds around 4.3% of the Luxembourg-based holding company that owns AC Milan and had earlier accused Elliott of failing to hold a proper bidding process. Following the lawsuit Elliot said in June that the transaction fully respected the interest of all parties, and lawsuit was an attempt to extract value.
–With assistance from Antonio Vanuzzo.
(Adds Elliot position on probe in last pargraph.)
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