Post by account_disabled on Jan 10, 2024 10:38:12 GMT
The Adjudication Chamber of the UEFA Club Financial Control Committee (CFCB) decided this Wednesday to exclude Milan from European competitions for the next two seasons for failing to comply with Financial Fair Play rules.
UEFA confirmed the resolution that prevents Milan from participating in the next Europa League and explained that it is a consequence of non-compliance "with the break-even requirement." The club may appeal against this sanction before the Court of Arbitration for Sport (CAS), according to UEFA.
On May 22, the CFCB Investigation Chamber transferred Binance App Users Data Milan's case to the resolution body considering that "the circumstances did not allow the conclusion of a resolution agreement."
This body considered that there were "uncertainties in relation to the refinancing of the loan and the amounts that must be paid in October 2018."
Milan invested around 200 million euros in the 2017 summer transfer market and, faced with doubts about compliance with the "Financial Fair Play", presented a voluntary economic plan to UEFA to resolve the situation, which was rejected by the CFCB in December 2017.
The CFCB then decided to keep the case subject to a supervision and evaluation process during the first months of 2018.
A Milan delegation went to the UEFA headquarters in Nyon on June 19 to present arguments in its defense and after the meeting its CEO, Marco Fassone, asked that the club be evaluated "consistently with the decisions taken in recent years." ".
"We have the feeling that the fact that they have referred us to the Adjudication Chamber is different from how other cases have been analyzed. If the decision is evaluated as excessively harsh, the appeal path is somewhat possible," he said.
UEFA confirmed the resolution that prevents Milan from participating in the next Europa League and explained that it is a consequence of non-compliance "with the break-even requirement." The club may appeal against this sanction before the Court of Arbitration for Sport (CAS), according to UEFA.
On May 22, the CFCB Investigation Chamber transferred Binance App Users Data Milan's case to the resolution body considering that "the circumstances did not allow the conclusion of a resolution agreement."
This body considered that there were "uncertainties in relation to the refinancing of the loan and the amounts that must be paid in October 2018."
Milan invested around 200 million euros in the 2017 summer transfer market and, faced with doubts about compliance with the "Financial Fair Play", presented a voluntary economic plan to UEFA to resolve the situation, which was rejected by the CFCB in December 2017.
The CFCB then decided to keep the case subject to a supervision and evaluation process during the first months of 2018.
A Milan delegation went to the UEFA headquarters in Nyon on June 19 to present arguments in its defense and after the meeting its CEO, Marco Fassone, asked that the club be evaluated "consistently with the decisions taken in recent years." ".
"We have the feeling that the fact that they have referred us to the Adjudication Chamber is different from how other cases have been analyzed. If the decision is evaluated as excessively harsh, the appeal path is somewhat possible," he said.