• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Sport

AC Milan cleared to compete in Europa League after court overturns Uefa ban

20 July 2018, 5:02 PM  |
Reuters Reuters |  @SABCNews
Uefa said in June that AC Milan had not met a break-even requirement under its Financial Fair Play regulations.

Uefa said in June that AC Milan had not met a break-even requirement under its Financial Fair Play regulations.

Image: Reuters

Uefa said in June that AC Milan had not met a break-even requirement under its Financial Fair Play regulations.

The Court of Arbitration for Sport on Friday overturned a decision by European soccer body Uefa to ban AC Milan from next season’s Europa League competition, saying the Italian club’s finances had improved after a recent ownership change.

Uefa said in June that AC Milan had not met a break-even requirement under its Financial Fair Play regulations, adding the club had not provided sufficient evidence of its financial stability.

Since then, US hedge fund Elliott Management has taken control of the indebted soccer club from Chinese businessman Li Yonghong and promised to inject 50 million euros ($58.5 million) to help stabilize its finances.

Li bought the Serie A club in 2017 from former Italian prime minister Silvio Berlusconi with the help of Elliott, but then failed to repay the fund.

In a statement, the court said that Uefa was not able to consider some important elements at the time of its decision, “in particular that the current financial situation of the club was now better, following the recent change in the club’s ownership”.

It referred the case back to Uefa to “issue a new proportionate disciplinary measure on the basis of the current financial situation of the club.”

Under Uefa regulations, any football club spending more than its generated revenue faces possible sanctions, including, in certain circumstances, a ban from playing in competitions run by European soccer’s governing body.

Li had long been looking for new investors to share the financial burden of the loss-making club, which, according to a source, is expected to have closed the financial year to the end of June with a loss of 75 million euros.

Separately on Friday, Milan prosecutors have put Li under investigation for alleged false accounting, two sources with knowledge of the matter said.

The probe regards information the soccer club had issued regarding the state of Li’s finances, one of the sources said.

A third source added that the investigation had been prompted by prosecutors coming into possession of a sentence by a Chinese court that certified a company owned by Li going bankrupt.

Italian tax police also asked the Serie A club and banks, auditors and consulting firms, who played a role in verifying Li’s financial health for documents regarding the acquisition of Milan, that same source said.

These included Ernst&Young, Deloitte, Rothschild and BNP Paribas, who had no immediate comment.

Li could not be reached for comment.

Share article
Tags: UEFAAC MilanEuropa LeagueCourt of Arbitration for SportSilvio BerlusconiFinancial Fair Play
Previous Post

Somali 10-year-old dies after undergoing female genital mutilation

Next Post

SA needs to develop astute leaders: Nxesi

Related Posts

SA MotoGP rider Brad Binder

Binder ‘fights like hell’ to win Argentina sprint from 15th on grid

1 April 2023, 9:08 PM
A soccer player on the field.

Orlando Pirates move to second spot on DSTV Premiership log

1 April 2023, 9:01 PM
Mamelodi Sundowns players at the Loftus Versfeld Stadium.

Mamelodi Sundowns make it six PSL titles in a row

1 April 2023, 8:34 PM
A soccer ball inside a goal net.

No Haaland, no problem as Man City thrash Liverpool 4-1

1 April 2023, 3:42 PM
Aston Martin's Fernando Alonso during practice.

Aston Martin had ‘best’ qualifying at Australian Grand Prix: Alonso

1 April 2023, 2:02 PM
The logo of Olympic Games.

Ukrainian athletes not allowed to compete against Russians in Paris qualifiers

1 April 2023, 8:50 AM
Next Post
Public Works Minister Thulas Nxesi says his department has lost R2 billion to fraud and corruption .

SA needs to develop astute leaders: Nxesi

Most Viewed

  • 24hrs
  • Week
  • Month
  • Public sector unions accept revised 7.5% wage increase
  • ‘Medupi Power Station’s design ‘flaws’ deliberate to cost taxpayers money’
  • Zimbabwe Reserve Bank faces sanctions over money laundering accusations
  • UPDATE: Oscar Pistorius denied parole
  • UJ, TUT named hubs of Artificial Intelligence
  • Corporates prepare for a possible national blackout
  • Unions set the record on wage settlement agreement reports
  • UPDATE | Court hears evidence regarding Zuma’s medical records
  • Public sector unions accept revised 7.5% wage increase
  • SABC News crew attacked on N2 while monitoring protests
  • Eight killed in Limpopo N1 crash
  • UPDATE | Five suspects killed during shootout with police in Durban
  • Residents in Durban flat where suspects killed left reeling
  • SABC News distances itself from fake news post
  • Eskom hands back operations of Uganda’s power stations

LATEST

Police badge.
  • South Africa

Police lauded for bringing down murder and drug dealing suspects


SA MotoGP rider Brad Binder
  • Sport

Binder ‘fights like hell’ to win Argentina sprint from 15th on grid


A soccer player on the field.
  • Sport

Orlando Pirates move to second spot on DSTV Premiership log


Mamelodi Sundowns players at the Loftus Versfeld Stadium.
  • Sport

Mamelodi Sundowns make it six PSL titles in a row


Crime scene tape
  • South Africa

Residents in Durban flat where suspects killed left reeling


EFF members cleaning a dumpsite
  • Politics

Malema takes Andries Tatane clean-up campaign to Limpopo


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Somali 10-year-old dies after undergoing female genital mutilation
Next SA needs to develop astute leaders: Nxesi