AC Milan are open to a “settlement agreement” with UEFA over a financial fair play investigation that threatens to derail the plans of the club’s new Chinese owners, according to a report from the Associated Press.
According to Gazzetta dello Sport’s report earlier this week, UEFA’s club financial control body will turn down Milan’s offer of a “voluntary agreement” to seek more credit.
“Milan has always declared itself ready to face the other side of the coin, which is the settlement agreement,” the club said in a statement regarding the report.
Milan spent more than €200 million on new players in the offseason amid questions about the financial stability of the Chinese-led consortium.
Per reports, Milan endured losses of €255m over the past three years, recently taking out a loan from U.S. private equity fund Elliott worth more than €300m.
Milan CEO Marco Fassone stated that the club has a refinancing plan that it expects to complete by April 2018 to repay Elliott.
Milan opened itself to UEFA scrutiny by qualifying for European competition this season for the first time in three years.
If Milan, who is currently in 8th place in Serie A, does not qualify for Europe next season, then eventual sanctions would likely not apply until the club returns to European competition.