AC Milan have begun proceedings into overturning their European football ban for next season by appealing to the Court of Arbitration for Sport, reports NDTV
The Rossoneri have spent a troubled 15 months struggling to pay off their debts following Chinese businessman Li Yonghong’s takeover from Silvio Berlusconi in April 2017.
To complete the takeover, Li Yonghong took out a loan from American hedge fund Elliott Management of around €300m.
But he has since failed to repay the loan and Elliott now officially taken over Milan from his ownership.
However, Li Yonghong’s actions have breached the UEFA’s financial fair play rules and Milan were therefore banned from participating in the upcoming Europa League tournament.
The club’s senior executives in managing director Marco Fassone, chief financial officer Valentina Montanari and a team of lawyers have now arrived at the top sports court to appeal the decision with the hearing expected to take most of today.
As seven-time European champions, Milan are now the biggest club to have been punished under the FFP regulations.