AC Milan had its one-year ban from European competition overturned by the Court of Arbitration for Sport, according to Gursimran Hans of the LONDON TIMES. UEFA banned the Italian side last month for "failing to meet licensing and financial fair play regulations." The club "failed to break even" after spending £200M on players last summer following a £648M takeover by a consortium led by Li Yonghong. UEFA's FFP regulations were "brought in to avoid such scenarios and prevent clubs racking up huge debts by spending more than they bring in." The club argued that its finances are "now more stable." AC Milan is under new ownership after Li defaulted on his debt to U.S.-based Elliott Management earlier this month, giving the firm a 99.93% stake in the club. Fund manager Paul Singer announced a plan to inject €50M ($58.7M) of equity capital to stabilize the club (LONDON TIMES, 7/20). The AP's Graham Dunbar reported UEFA "noted without comment that the case returns to the judging section of its club finance panel." An urgent ruling was needed because the case affected Italy's entry in the Europa League second qualifying round next week. AC Milan's legal win "restores the club's place in the group stage," which kicks off in September. Atalanta, which placed seventh in Serie A, goes back into the qualifying rounds and plays Sarajevo in a first-leg game in Bosnia-Herzegovina on Thursday. Fiorentina, which placed eighth last season, is now withdrawn from the Europa League (AP, 7/21). REUTERS' Pollina & Parodi reported Elliott welcomed the decision as "an important first step" in the relaunching of the club. A spokesperson said, "This rehabilitation will not be an overnight project, and there is a great deal of hard work ahead which Elliott is ready for." 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" (REUTERS, 7/20).
NEW FACE: Pollina also reported AC Milan announced on Saturday former oil group Eni CEO Paolo Scaroni was "put in charge" of the club while it searches for a new CEO. Scaroni was named exec chair and will "take on interim management of the club." AC Milan CEO Marco Fassone, who was hired last year by the club's former Chinese owners, "stepped down with immediate effect." The club said that the board will "meet again shortly to discuss a new business plan and define a strategy to regain Champions League status" (REUTERS, 7/21).
