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Milan are reportedly working to secure a refinancing arrangement

Milan are reportedly working to secure a refinancing arrangement before UEFA propose their settlement agreement.

The Rossoneri had a voluntary agreement rejected by European football’s governing body, largely due to concerns about owner Yonghong Li and the debt to U.S hedge fund Elliott Management.

That money has to be repaid by October or Elliott can take over the club, so the Diavolo are working to refinance.

Today’s Corriere della Sera reports that Merrill Lynch, the bank looking for investors, will not only deal with the club’s €123m debt, but also the €180m owed by Li.

The idea is to separate the two, finding several investors rather than a single fund to provide loans with high interest rates.

Milan hope to have signed an agreement before UEFA come calling with a settlement agreement, which will be the end of April at the very latest.

In the same timeframe, a board meeting will be called to approve a capital increase to get through to the end of the season.

CEO Marco Fassone hopes to reduce the amount budgeted for that with increased revenues, partially from a longer Europa League run.

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