The full 33-page document on why Milan were excluded from Europe for Financial Fair Play violations points to an unrealistic business plan.
The Rossoneri had originally tried to work out a Voluntary Agreement with UEFA after Yonghong Li bought the club from Silvio Berlusconi for €740m in April 2017.
When that was rejected in December, they were stunned to find out the Settlement Agreement was also turned down, eventually leading UEFA to exclude them from Europe for the 2018-19 season.
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