UEFA's investigation into AC Milan's finances has resulted in a recommendation that the illustrious Italian club be banned from participating in European competition, the New York Times' Tariq Panja reports.
European football's governing body has been looking into Milan's dealings for several months and last week rejected a settlement agreement from I Rossoneri after finding the club breached Financial Fair Play regulations. Milan CEO Marco Fassone stated he was "disappointed" by the ruling, which referred the case to an adjudicatory hearing.
Now, two anonymous sources from within the investigatory process have told Panja that the club has been found to have violated rules intended to limit spending, and could face dire consequences.
Per Panja, Milan loses "tens of millions of dollars" each year but spent around €230 million (£203 million) on new players last summer in a bid to return to the Champions League.
Despite betting big on itself to return to the big time this season, Milan, an 18-time Italian champion and winner of seven European Cup titles, only qualified for next season's Europa League. The financial ramifications of that failure are likely to be devastating.
Investigators will now advocate for Milan's exclusion from all European competition, which would see the club forced to forfeit its Europa League berth, not to mention the revenue and appeal that comes with continental qualification.
A final decision on the recommendation is due in June.
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