Financial Fair Play: CAS 2018/A/5808 AC Milan v. UEFA

Financial Fair Play: CAS 2018/A/5808 AC Milan v. UEFA
The choice whether to regulate a matter via a disciplinary sanction or a settlement agreement is by itself neutral and has no impact on the rights of the relevant stakeholder. Consequently, no issues relating to the principle of legality arose in the case at hand.


In 2016, AC Milan’s former owner decided to sell his participation to Fininvest. On 13 April 2017, Fininvest eventually sold his participation to HoldCo, which concluded a loan agreement with the company Project Redblack S.à.r.l. (Redblack) in the amount of EUR 202 million in order to finance the purchase price.

On 18 May 2017, AC Milan’s Shareholders’ Meeting resolved to increase its share capital. During the months of June and July 2017, the shareholder’s resolution was implemented through a series of payments.

In June 2018, HoldCo failed to make a EUR 32 million capital contribution demanded by AC Milan. Redblack injected the full amount in lieu of HoldCo. HoldCo then, however, failed to pay the relevant amount back to Redblack within the...

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