AC Milan Open Doors to Financial Fair Play 'Settlement Agreement' as UEFA Punishments Lurk
Italian giants AC Milan have made revealed they are open to a 'settlement agreement' with European football governing body UEFA after a financial fair play investigation has threatened to derail the plays of the Rossoneri's new Chinese owners.
In a statement reacting to the report, Milan said: "Milan has always declared itself ready to face the other side of the coin, which is the settlement agreement," as reported by ESPN.
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And while UEFA has yet to take a definitive stance on Milan's 'voluntary agreement' it is being reported that the financial control body of the Union of European Football Associations will veto Milan's offer put forward by club CEO Marco Fassone.
However, in response to these reports a statement was released to ANSA (Associated Press National Agency) dismissing the notion of a decision already being reached and denoting UEFA's plan moving forward.
"The rumours which are being reported are groundless. The committee will meet on Friday and the decision is scheduled for next week. The commission, which is an independent body, has not yet taken a definitive position on the dossier presented by the club."
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The investigation comes after Milan's summer spending exceeded €200m, with questions being raised regarding the financial stability of the Chinese consortium that bought out the Serie A side from Silvio Berlusconi for $800m in April 2017.
Milan had reportedly suffered major financial losses, close to €255m over the past three years, with the club needing to take out a loan from private U.S. equity fund Elliott worth around €300m.
As a result of the Rossoneri's financial situation, the club could see sanctions put in place that would restrict transfer spending, player salaries and squad sizes for European competition. However, with the club currently sitting in eighth in Serie A, the sanctions would not be applied until the club returned to European competition.
