November 22 – UEFA has asked AC Milan for more information about the club’s financial state before deciding whether to take action for possible breaches of Financial Fair Play (FFP) rules, according to various sources.
The Spanish paper Marca reported the club faces a genuine risk of being excluded from playing European competitions next season due to serious doubts UEFA has about spending made last summer after being sold to a Chinese investment group.
More than €200 million was spent by Milan, seven-time European champions, to strengthen their squad and two weeks ago a Milan delegation reportedly travelled to UEFA headquarters to explain the current business plan.
But there is uncertainty around AC Milan’s ownership with Li Yonghong, who only took over in April, already looking for new investors to share the burden of the debt at the loss-making club.
AC Milan is 99% owned by a Luxembourg-based vehicle, Rossoneri Sport Investment Lux, which is controlled by Chinese investor Yonghong. He completed the deal only after a protracted negotiation with former owner Silvio Berlusconi that was stalled as he struggled to raise the €740 million to complete the acquisition.
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