Milan have been rejected in their appeal for a voluntary agreement, UEFA announced today. The ruling was made public by UEFA on their official site. Milan is expected to respond later today with their own statement. Here is the decision that UEFA has made public:
"The Investigatory Chamber of the independent UEFA Club Financial Control Body has reviewed the application for a voluntary agreement made by AC Milan as part of the Financial Fair Play (FFP) regulations.
After careful examination of all the documentation and explanations provided, the Chamber decided not to conclude a voluntary agreement with AC Milan.
In particular, the Chamber considered that, as of today, there are still uncertainties in relation to the refinancing of the loans to be paid back in October 2018 and the financial guarantees provided by the main shareholder.
AC Milan will continue to be subject to the ongoing monitoring process and the situation will be assessed again in the first months of 2018."
