AC Milan faces UEFA financial fair-play penalties

Seven-time European champion Milan has run up losses of 255 million Euros ($300 million) in the last three seasons, way above the 30 million Euros permitted by the rules.

Published : Dec 16, 2017 00:58 IST , Lausanne

AC Milan faces 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.
AC Milan faces 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.
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AC Milan faces 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.

AC Milan faces 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 champion Milan has run up losses of 255 million Euros ($300 million) in the last three seasons, way above the 30 million Euros 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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