AC Milan faces UEFA financial fair-play penalties
AFP - [email protected]
Published: 16 Dec, 2017 CET.
Updated: Sat 16 Dec 2017 12:12 CET
AC Milan face penalties from UEFA after
European football's governing body said on Friday it had failed to strike a
deal with the Italian club over its spending.
Seven-time European champions Milan have run up losses of €255 million ($300 million) in the last three seasons, way above the €30 million permitted by the rules that are designed to stop clubs from over-spending.
"After careful examination of all the documentation and explanations provided, the Chamber decided not to conclude a voluntary agreement with AC Milan," a UEFA statement said.
The key concerns focus on the takeover of the club by Chinese businessman Li Yonghong.
UEFA said: "There are still uncertainties in relation to the refinancing of the loans to be paid back in October 2018 and the financial guarantees provided by the main shareholder."
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Seven-time European champions Milan have run up losses of €255 million ($300 million) in the last three seasons, way above the €30 million permitted by the rules that are designed to stop clubs from over-spending.
"After careful examination of all the documentation and explanations provided, the Chamber decided not to conclude a voluntary agreement with AC Milan," a UEFA statement said.
The key concerns focus on the takeover of the club by Chinese businessman Li Yonghong.
UEFA said: "There are still uncertainties in relation to the refinancing of the loans to be paid back in October 2018 and the financial guarantees provided by the main shareholder."
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