AC Milan-Financial Fair Play

UEFA on Thursday denied media reports that it has already made a decision to reject AC Milan's application for a voluntary agreement regarding its Financial Fair Play rules. "The reports in the media about a potential refusal are groundless", UEFA said in a statement to ANSA.

Settlement agreements are financial penalties and squad and salary restrictions imposed on clubs that fail to adhere to UEFA's rules.

While Milan spent more than 200 million euros (nearly $250 million) on new players in the offseason, there have been questions about the financial stability of the Chinese-led consortium that purchased the club from Silvio Berlusconi for $800 million in April.

Milan reportedly had losses of 255 million euros over the past three years and recently took a loan from USA private equity fund Elliott worth more than 300 million euros.

Milan responded by saying they had "always said we're ready to face the other side of the coin", meaning they are prepared to sign a "settlement agreement" with UEFA.

Such sanctions only come into play if teams qualify for Europe and Milan are now eighth in Serie A, five points and two places off a Europa League berth. In that case, eventual sanctions would likely not apply until the club returns to European competition.

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