AC Milan says it’s open to a ‘settlement agreement’ with UEFA over a financial fair play investigation.

The investigation from European football’s governing body threatens to derail the plans of the club’s new Chinese owners and could see them hindered in continental action.

Italian newspaper Gazzetta dello Sport reports that UEFA’s club financial control body will turn down Milan’s offer of a ‘voluntary agreement’ to seek more credit.

A club statement said:

‘Milan has always declared itself ready to face the other side of the coin, which is the settlement agreement.’

While Milan spent more than €200million on new players in the summer, there have been questions about the financial stability of the Chinese-led consortium that purchased the club from Silvio Berlusconi for $800m in April.

Milan reportedly had losses of €255m over the past three years.