AC Milan is open to settlement over financial fair play

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MILAN (AP) AC Milan says it’s 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.

The Gazzetta dello Sport reports that UEFA’s club financial control body will turn down Milan’s offer of a “voluntary agreement” to seek more credit.

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A club statement says, “Milan has always declared itself ready to face the other side of the coin, which is the settlement agreement.”

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.