Milan CEO Marco Fassone insists UEFA’s decision to reject their voluntary agreement application was “quite expected”.
UEFA confirmed it had doubts over Milan’s ability to repay a €300m loan owed to American hedge fund Elliott Management by next October, but Fassone assured a downgraded plan to appease the governing body was in the works.
“The decision was quite expected,” he said in a video on the Rossoneri’s official website.
Milan CEO Marco Fassone insists UEFA’s decision to reject their voluntary agreement application was “quite expected”.
UEFA confirmed it had doubts over Milan’s ability to repay a €300m loan owed to American hedge fund Elliott Management by next October, but Fassone assured a downgraded plan to appease the governing body was in the works.
“The decision was quite expected,” he said in a video on the Rossoneri’s official website.
“UEFA had requested documentation that referred to two things, which were practically impossible for the club to do: completing the refinancing of the debt with Elliot prior to its decision and showing an ability to finance ourselves and offset our losses.
“Now we’re moving towards a Settlement Agreement. In a meeting at the start of November, we prepared a big document, with optimistic and less optimistic plans, showing the ways that Milan would cope with lower revenues from China, if they didn’t arrive or did so at a performance not in line with expectations.
“The planning satisfied the committee, but they were being ultra-realistic: it was enough to say before that we needed a bank guarantee, and we’d have realised that it would’ve been impossible to get that far.”
Inter are under a settlement agreement until 2019, which entails a fine of up to €20m, no break-even deficit by the end of this year and restrictions on the number of players they can register for European competitions.
However, the club are currently on track to satisfy the terms of their agreement.