It is official UEFA have rejected Milan’s request as ‘there are still uncertainties in relation to the financial guarantees provided by the main shareholder.’
Club CEO Marco Fassone met with UEFA representatives in Nyon last month to present Milan’s dossier and make an official request for a Voluntary Agreement.
Today (Friday), UEFA posted the answer on their website, making it official that the application has been rejected.
“The Investigatory Chamber of the independent UEFA Club Financial Control Body has reviewed the application for a voluntary agreement made by Milan as part of the Financial Fair Play [FFP] regulations,” the statement reads. “After careful examination of all the documentation and explanations provided, the Chamber decided not to conclude a voluntary agreement with Milan.
“In particular, the Chamber considered that, as of today, 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 [President Yonghong Li, ed.]. Milan will continue to be subject to the ongoing monitoring process and the situation will be assessed again in the first months of 2018.”
Fassone admitted that UEFA’s demands were impossible to satisfy and therefore it is little surprise to see Milan’s application denied. The Diavolo must now negotiate a settlement agreement with UEFA.