Milan prosecutors have put Li under investigation for alleged false accounting. (AP Photo/Antonio Calanni, file)
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The Court of Arbitration for Sport Friday overturned a decision by European football body UEFA to ban AC Milan from next season's Europa League competition, saying the Italian club's finances had improved after a recent ownership change. UEFA said last month that AC Milan did not meet a break-even requirement under its Financial Fair Play regulations, adding the club had not provided sufficient evidence of its financial stability.Since then, U.S. hedge fund Elliott Management has taken control of the indebted football club from Chinese businessman Li Yonghong and promised to inject 50 million euros ($58.5 million) to help stabilize its finances.Separately Friday, Milan prosecutors have put Li under investigation for alleged false accounting, two sources with knowledge of the matter said.
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