Paolo Maldini accepts Milan “made a mistake by talking about objectives. We were banned from Europe" because they inherited a club €126m in the red.

The technical director has been giving interviews with Sky Sport Italia, released throughout the weekend, shining a light on the situation at San Siro.

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Former Milan owner Li Yonghong is being investigated by Chinese authorities for giving false information about his financial situation.

Li bought Milan in the summer of 2017 from Silvio Berlusconi but was ousted from the club just a year later after he defaulted on a €303m loan, with which he financed his takeover.

The businessman continues to cut a shady figure, and ANSA reports contact has been made between prosecutors in Milan and judicial authorities in China.

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Fiorentina President Rocco Commisso prepares to face Milan tonight, reminding everyone “a year ago, I could’ve bought this club.”

It kicks off at 19.45 UK time (18.45 GMT), click here for the line-ups and LIVEBLOG.

“A year ago, I could’ve become the President of Milan, but now I am 100 per cent Fiorentino and very happy to have bought Fiorentina,” the Italian-American businessman told Sky Sport Italia.

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Ex-Milan CEO Marco Fassone confessed signing Leonardo Bonucci “was a mistake” and that Cristiano Ronaldo was open to joining them, but defended his choices.

The director was at the helm during Yonghong Li’s brief and doomed experience in charge, before the Chinese patron defaulted on loans and the club was repossessed by US hedge fund Elliott Management.

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Former Milan CEO Marco Fassone insists Yonghong Li “underestimated the task of repaying the loan, but the final balance was ultimately positive.”

Fassone was placed in charge when Chinese businessman Yonghong Li purchased the club from Silvio Berlusconi for €740m, ending a 30-year reign, and continued to reassure fans that there were no financial problems.

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Milan have officially withdrawn from next season’s Europa League after reaching an agreement with UEFA over Financial Fair Play.

A Court of Arbitration for Sport (CAS) statement reads: “The Court of Arbitration for Sport (CAS) has issued a Consent Award embodying the agreement reached between AC Milan S.p.A and the Union of European Football Associations (UEFA) concerning breaches of the UEFA Financial Fair Play Regulations by the Italian club.

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Milan have officially reached an agreement with former CEO Marco Fassone after he had sued for unfair dismissal. “I wanted to clarify my actions were always fair and transparent.”

The CEO was brought in along with director of sport Massimiliano Mirabelli during the Yonghong Li era, which culminated in the Chinese owner defaulting on loan payments.

The club was then effectively repossessed by US hedge fund Elliott Management, who sacked Mirabelli and Fassone.

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Silvio Berlusconi has blamed not Yonghong Li, but Marco Fassone and Massimiliano Mirabelli for Milan’s failure. “I thought he’d hire real professionals.”

The brief spell under the Chinese businessman was disastrous, because he failed to keep up with loan repayments and the club was effectively repossessed by US hedge fund Elliott Management.

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New Fiorentina owner Rocco Commisso is “the sort of guy who likes to underpromise and overdeliver,” but pledges they won’t go the way of Yonghong Li at Milan.

The Italian-American billionaire who made his fortune in cable purchased the club from the Della Valle brothers and confirmed he’ll keep Coach Vincenzo Montella in the job.

He spoke to ESPN and was very eager to differentiate himself from overseas Serie A investors like James Pallotta, Joey Saputo, Suning Group or Elliott Management.

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