UEFA sent a letter to the club requesting clarification on several matters last Friday, on the same day The New York Times published an article raising doubts about Mr. Li’s financial resources. The Times article reported that phosphate mines Mr. Li claimed as the centerpiece of his business empire appeared to be owned by others.

Milan is in a critical period on and off the field. Despite spending far more than any of its domestic rivals on players last summer, Mr. Li’s first since his purchase, Milan is struggling in seventh place in Italy’s top division, Serie A, and remains 11 points out of the fourth-place position that would grant it access to the glamour and the riches of the Champions League next season.

Even with that income, the club’s ability to break even seems unlikely. Without it, meeting the financial fair play limits would be all but impossible. At the same time, the team is facing a race against time to repay a high-interest, $354 million loan to the hedge fund firm Elliott Management — which financed Mr. Li’s purchase — by next year. Should it default, Elliot would be able to take control of the club.

UEFA will decide Milan’s fate on Dec. 8. Since many new owners take control of troubled clubs, they are allowed some leeway on the financial fair play regulations — provided they can convince UEFA they can bankroll a financial turnaround. Mr. Li’s past financial disputes with regulators and others in China worry UEFA’s inspectors, according to a person familiar with the talks.