Milan open to FFP settlement
Print Edition
AC Milan is open to a 鈥渟ettlement agreement鈥 with UEFA over a financial fair play investigation that threatens to derail the plans of the club鈥檚 new Chinese owners.
UEFA鈥檚 club financial control body will turn down Milan鈥檚 offer of a 鈥渧oluntary agreement鈥 to seek more credit, the Gazzetta dello Sport reported yesterday.
鈥淢ilan has always declared itself ready to face the other side of the coin, which is the settlement agreement,鈥 the club said in a statement reacting to the report.
While Milan spent more than 200 million euros (US$250 million) on new players in the offseason, there have been questions about the financial stability of the Chinese-led consortium that purchased the club from Silvio Berlusconi for US$800 million in April.
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.
Milan CEO Marco Fassone said the club has a refinancing plan that it expects to complete by April in order to repay Elliott.
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