After failing to reach a voluntary agreement, Milan has now been refused the opportunity to reach a settlement agreement with UEFA.
Here is the official release by UEFA:
The Investigatory Chamber of the UEFA Club Financial Control Body (CFCB) has decided to refer Italian club AC Milan to the Adjudicatory Chamber of the CFCB for breach of the Financial Fair Play regulations, in particular the break-even requirement.
After careful examination of all the documentation and explanations provided by the club, the CFCB Investigatory Chamber considers that the circumstances of the case do not allow the conclusion of a settlement agreement.
In particular, the CFCB Investigatory Chamber is of the opinion that, among other factors, there remains uncertainties in relation to the refinancing of the loan and the notes to be paid back in October 2018.
The Adjudicatory Chamber will make a decision on this case in due course.
The CFCB Investigatory Chamber will further communicate in June its other decisions in relation to the monitoring of the clubs under investigation or under settlement agreement.