UEFA have rejected Milan’s proposal for a voluntary agreement on Financial Fair Play parameters, according to La Gazzetta dello Sport and Corriere dello Sport.
The Rossoneri had presented a plan showing the economic stability of the club going forward over the next few years, which they hoped would convince UEFA to hold off on sanctions.
Although a formal verdict is due on Friday, both La Gazzetta dello Sport and Corriere dello Sport claim UEFA rejected the proposal as unfeasible.
This means Milan are open to potential fines and limitations on transfer activity, in extreme cases even being refused entry into European competition.
UEFA President Aleksandar Ceferin had said last month that he was “worried” by the FFP plan presented by the Serie A giants.
This will put further pressure on owner Yonghong Li, amid reports of an potential takeover by Saudi billionaire Fawaz Alhokair.