By Daily Sports on December 16, 2017

AC Milan face penalties from Uefa after European football's governing body said on Friday it had failed to strike a deal with the Italian club over its spending.

Seven-time European champions Milan have run up losses of 255 million euros ($300 million) in the last three seasons, way above the €30 million permitted by the rules that are designed to stop clubs from over-spending.

"After careful examination of all the documentation and explanations provided, the Chamber decided not to conclude a voluntary agreement with AC Milan," a Uefa statement said.

The key concerns focus on the takeover of the club by Chinese businessman Li Yonghong.

Uefa said: "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." © AFP

•Photo shows AC Milan players.

Source Daily Sports

Posted December 16, 2017

African football agents set to launch association

NFF appeals to Nigeria Police on late Douglas...

Lagos SWAN invites 27 players for All Stars...

Harry Redknapp linked with Super Eagles coaching Job...

Arteta Orders Arsenal To Start Winning Premieship Matches...

Nunez, Uruguay players fight Colombian fans after Copa...