AC Milan faces UEFA financial fair-play penalties

AC Milan face penalties from UEFA after European football's governing body said on Friday it had failed to strike a deal with the Italian club over its spending. Seven-time European champions have run up losses of 255m euros ($300m) in the last three seasons, way above the 30m euros permitted by the rules that are designed to stop clubs from over-spending.

AC Milan Faces UEFA Financial Fair-Play Penalties. https://t.co/V8tB2Xv8f3

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"After careful examination of all the documentation and explanations provided, the Chamber decided not to conclude a voluntary agreement with AC Milan," a UEFA statement said. The key concerns focus on the takeover of the club by Chinese businessman Li Yonghong. UEFA said: "There are still uncertainties in relation to the refinancing of the loans to be paid back in October 2018 and the financial guarantees provided by the main shareholder."