[ad_1]
Lausanne: The world's biggest sports club on Friday canceled a European ban imposed on AC Milan for violating UEFA's financial fair play rules, calling the punishment "disproportionate" .
Image file of the former owner of AC Milan, Li Yonghong. Reuters
UEFA banned Milan from playing in the Europa League next season, citing the club's inability to meet the "breakeven point," which prevents clubs from entering the league. to indebt to finance their daily operations. But the Court of Arbitration for Sport ruled that "some important elements have not been properly evaluated" by the judges of UEFA.
The court accepted UEFA's badessment that the club violated break-even rules. "The decision to exclude AC Milan from the UEFA club competition was not proportionate," said a statement from the CAS. The CAS returned the case to UEFA as requested by AC Milan, whose leaders pleaded Thursday in the Lausanne court.
The court "considers that the (Arbitration) Chamber of Arbitration is in a better position than the CAS to issue a new proportionate disciplinary measure on the basis of the current financial situation of the club, "the statement said.
AC Milan spent fifteen troubled months since they were bought by Chinese businessman Li Yonghong from Silvio Berlusconi in April 2017 The takeover was funded in part by a high interest loan of 300 million euros ($ 348 million) from the American hedge fund Elliott Management.
When Milan failed to repay early July, Elliott took over. process to be ratified by the club's shareholders on July 21st. Chinese owners have spent more than 200 million euros ($ 232 million) in players last summer and this, combined with the terms of the Elliott loan, triggered the interest of the company. UEFA.
UEFA ruled that Milan was in violation of "the requirement of profitability". The AC Milan general manager, Marco Fbadone, attributed the problems of the club to Berlusconi.
But the Chinese ownership of the club was also clouded by questions about the source of Li's wealth. In October the New York Times claimed that "virtually no one" in China had never heard of him. Elliot, now in full control, has pledged to inject 50 million euros ($ 59 million) to bring financial stability to the seven European champions.
[ad_2]
Source link
