MILANO – Bad news for the Turin president Urban Cairo, as the majority shareholder of Rcs Media Group. The arbitration award pending in Milan rejected all RCS requests against the US fund Blackstone, which will not have to pay any compensation (estimated at around 80 million) to the publishing group in relation to the sale in 2013 of the building in via Solferino, the historic headquarters of Corriere della Sera. Cairo, once control of RCS had been acquired, had in fact contested the sale price of the property set at 120 million, requesting the annulment of the deed.
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RCS risks a lawsuit in New York
In the meantime, however, the US fund had entered into an agreement in 2018 with Allianz to sell it in turn the property to 250 million euros, operation blocked by the dispute lost today by Cairo. The Turin president is in trouble because RCS was so convinced of winning the legal dispute that, last year, he claimed that there were no “the prerequisites for the registration of risk funds“In the balance sheet. Now, however, the Cairo publishing group has to face a court case in New York that could cost him up to € 600 million: the proceeding, promoted by Blackstone in the United States, had been stopped pending the arbitration award closed today in Milan and will therefore be able to restart.
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