UEFA announced it has rejected a settlement agreement from AC Milan in regards to the club's Financial Fair Play (FFP) violation and will instead subject the Italian side to a hearing with the Adjudicatory Chamber of the Club Financial Control Body.
The Serie A side, which recently qualified for the 2018-19 Europa League group stage, failed to satisfy the break-even requirement of FFP and could thus be barred from competing or face other sanctions including limits on transfers, salaries, and squad sizes for competitions.
Milan had attempted to reach a settlement agreement with UEFA in regards to the violation, though Europe's chief administrative body spurned the compromise due to uncertainties surrounding the club's finances.
"After careful examination of all the documentation and explanations provided by the club, the CFCB Investigatory Chamber considers that the circumstances of the case do not allow the conclusion of a settlement agreement," UEFA's statement reads.
Milan's shareholders met earlier this month to discuss pushing back repaying part of a €50-million loan from U.S.-based investment firm Elliott Management Corporation, which would have potentially given the Chinese-owned club leeway in satisfying FFP. AC Milan CEO Marco Fassone, however, believed the club would still face sanctions despite its attempted refinancing.
The club was purchased in 2017 by Rossoneri Sport Investment Luxembourg, a group led by Chinese businesman Yonghong Li. It was previously owned by former Italian Prime Minster Silvio Berlusconi, who first took charge in 1986.
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