UEFA referred AC Milan's financial fair play case to its adjudicatory body to make a ruling, according to the BBC. It follows an investigation into the Serie A club's financial affairs over which, UEFA said, "there remain uncertainties." Sanctions for breaching the rules "range from warnings and reprimands to points deductions and transfer embargoes." UEFA said that a decision will be made "in due course" (BBC, 5/22). REUTERS' Elvira Pollina reported AC Milan qualified for next season’s Europa League and "could be excluded as part of any sanctions." The club "had asked UEFA to exercise its right to waive the rules" after Chinese entrepreneur Li Yonghong bought the club last year from Italian holding company Fininvest, which is owned by the family of former Italian PM Silvio Berlusconi. U.S. private equity fund Elliott Management last year gave Li a €180M lifeline to "complete the purchase" of the club, which is "trying to emerge from years of losses with a turnaround plan." In its note, UEFA said that the investigatory chamber "believed there remained uncertainties regarding the refinancing of the loan and the notes to be paid back" in October (REUTERS, 5/22).
