AC Milan is open to a "settlement agreement" with UEFA over a financial fair play investigation that threatens to derail the plans of the club's new Chinese owners. "The reports in the media about a potential refusal are groundless", UEFA said in a statement to ANSA.
UEFA's club financial control body will turn down Milan's offer of a "voluntary agreement" to seek more credit, the Gazzetta dello Sport reported on Thursday. Milan has not respected the financial fair play rules after making big losses in recent years and going on a big spending spree in the summer under new Chinese ownership.
Milan responded by saying they had "always said we're ready to face the other side of the coin", meaning they are prepared to sign a "settlement agreement" with UEFA.
Dairy Product Prices Rise for First Time in Five Auctions
While it had erred on the side of caution with its FMP forecast, it had been more confident with its payment schedule to farmers. Nearest dated contracts fell the most - prices for butter to ship in January dropped 24.3 per cent, according to Castleton.
Milan reportedly had losses of 255 million euros over the past three years and recently took a loan from US private equity fund Elliott worth more than 300 million euros.
The most severe handed out so far were to Paris Saint-Germain and Manchester City in 2013/14 when both were fined 60 million euros (40 million of which was later refunded) and had their 25-man European competition squads reduced to 21 players.
Such sanctions only come into play if teams qualify for Europe and Milan are now eighth in Serie A, five points and two places off a Europa League berth.
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