As per our reporting, UEFA will reject AC Milan’s voluntary offer to come to a financial agreement avoiding an immediate Financial Fair Play penalty. Now, it has emerged that UEFA is spooked by the recent New York Times article calling into question the storied club’s ownership.
On November 9th, AC Milan executive Marco Fassone presented the plan to UEFA’s financial body that outlined a plan to balance the books in four years time. It’s reported that the European football organization want’s assurance that the club has the money it says it does.
UEFA wants to know more about the real wealth of Yonghong Li, the listed owner of the club. A deficit would be more “tolerable” if UEFA could be certain that, behind his name, there is still a solid property that can somehow pay off the debt.
A failure to present proper documentation outlining AC Milan’s ownership by the first week of December will result in a penalty. The terms of such a penalty range from a fine, to the club being banned from international competition, even as far as requiring a transfer of ownership.