8 hours agoNYT: Milan expelled from the League of Europe
Periskopi(8 years ago)
(8 years ago)New York Times Claims U financial investigators The EFA has recommended Milan's removal from the European League for violating the regulation of “Financial Fair”. The club tried to justify money as part of a voluntary agreement after allegations arose about the club's financial stability, their plans for future revenues and [...]
New York Times Claims U financial investigators The EFA has recommended Milan's removal from the European League for violating the regulation of “Financial Fair”.
The club tried to justify money as part of a voluntary agreement after doubts arose about the club's financial stability, their plans for future revenues, and the status of owner Yonghong Li.
He was only able to complete the acquisition by Silvio Berlusconi last year thanks to a 300m-euro high interest loan received at “Elliot Management” and due to be paid by October.
With interest, the full amount to be paid is 380m euros, but Elliott Management may try to take over the club on Monday if Chinese business does not offer another capital of 10m euros.
According to The New York Times, two people involved in this process confirm that U financial investigators EFA has recommended that the Italian team be excluded from European races for violating Fair Play financial regulations.
A final decision will be made over the next two weeks, and Milan is increasing their legal protection.
