UEFA have released a statement on their website regarding Milan’s financial situation, stating that the Rossoneri’s settlement proposal has been rejected while the club has been called to a hearing.
The San Siro side had been hoping for a settlement agreement, after breaching Fifa Financial Fair Play. However, it seems things could get much worse than that, as the club has been called to a hearing with UEFA in June, amid uncertainties regarding their owner, Yonghong Li.
According to Sky Italia, Milan could be excluded from next season’s Europa League, should the results from the hearing be negative. Furthermore, the Rossoneri could face tough restrictions for this summer’s transfer market.
Here is the official statement from UEFA.
“The Investigatory Chamber of the UEFA Club Financial Control Body (CFCB) has decided to refer Italian club AC Milan to the Adjudicatory Chamber of the CFCB for breach of the Financial Fair Play regulations, in particular the break-even requirement.
“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.
“In particular, the CFCB Investigatory Chamber is of the opinion that, among other factors, there remains uncertainties in relation to the refinancing of the loan and the notes to be paid back in October 2018.
“The Adjudicatory Chamber will make a decision on this case in due course.
“The CFCB Investigatory Chamber will further communicate in June its other decisions in relation to the monitoring of the clubs under investigation or under settlement agreement.”