Milan, Elliott wins against Blue Skye: all criminal investigations closed

Milan and Blue Skye, all criminal investigations against Elliott closed

The legal dispute between Blue Skye and Elliott, spread across multiple fronts and in several countries, regarding the transfer of ownership from the Singer fund to RedBird, has reached a turning point.

On 28 February 2024, as reported by Calcio e Finanza, the Chambre du Conseil of the Court of Luxembourg issued a no-proceeding order, dismissing all criminal investigations against Rossoneri Sport Investment – i.e. Elliott – and its managers.

During the period in which Milan was under Elliott’s control, Blue Skye held a minority stake, owning 4.27% of Project RedBlack, the company that held 100% of Rossoneri Sport Investment, which in turn owned AC Milan. Recently, the Luxembourg authorities confirmed that no further action will be taken. Blue Skye has filed 11 civil cases in three jurisdictions – Luxembourg, Italy and New York – and, at the moment, the only pending civil cases are in Luxembourg.

Last September, Elliott responded with a private criminal lawsuit, called “citation directe”, in Luxembourg, accusing Blue Skye of blackmail, extortion and fraudulent misrepresentation. It should be noted that the various complaints and lawsuits initiated by Blue Skye contributed to the launch of the current investigation by the Milan Prosecutor’s Office into the sale of AC Milan: in 2022, Blue Skye presented a complaint to the Italian judiciary regarding the sale of the shares of club, claiming that the transition from Elliott to RedBird had taken place without their consent and without a unanimous vote of the Board of Directors.