The New York Times has joined Marca in reporting that UEFA are concerned by Milan’s financial situation.
The Rossoneri have submitted a proposal for a voluntary agreement with European football’s governing body, to meet Financial Fair Play obligations.
The New York Times has joined Marca in reporting that UEFA are concerned by Milan’s financial situation.
The Rossoneri have submitted a proposal for a voluntary agreement with European football’s governing body, to meet Financial Fair Play obligations.
While the club is confident the proposals will be accepted, Marca reported this week that UEFA will reject the plans.
Now the New York Times, which ran an investigation into owner Yonghong Li last week, says there is “mounting concern” about the Diavolo’s new owners.
The newspaper reports that UEFA sent a letter to Milan last Friday seeking clarification on several matters in the 160 page document which was submitted to them.
UEFA is also concerned by Li’s past financial disputes with regulators and others in China, the NYT believes.
A decision will be made on December 8, and the Rossoneri could even face exclusion from European competition if they’re found to be in breach of FFP.
As well as FFP, the Diavolo also have the spectre of the debt to hedge fund Elliott Management, which financed the takeover with a €300m loan.
If that isn’t repaid the fund can take control of the club, so Milan are looking to refinance with another fund.