UEFA rejected Serie A side AC Milan's request to waive Financial Fair Play rules because it remains "unconvinced about the Italian club's Chinese backers," according to Saj Chowdhury of the BBC. The seven-time European champion has incurred losses of €255M ($299.5M) in the past three seasons -- "significantly more" than the €30M ($35.2M) allowed. The club asked if it could strike a "voluntary agreement" after a takeover by entrepreneur Li Yonghong in April. UEFA said, "The situation will be assessed again in early 2018." Milan spent €230M ($270.1M) on new players last summer. Under FFP, any club that spends more than it earns faces sanctions, "which can range from a fine to a ban from European competition" (BBC, 12/15).