Italian giants, AC Milan, have been banned from taking part in next season’s Europa League by the Court of Arbitration for Sport (CAS) after breaching UEFA’s Financial Fair Play rules.
Milan’s ban was confirmed in a release by CAS on Friday.
The ban on the seven-time Champions League winners revolves around the spending of its Chinese owners, Sino-Europe Sports Investment Management in 2016 (under businessman Li Yonghong’s leadership), who then defaulted on a loan in 2018.
This left the club to fall into the hands of American hedge fund Elliott Management.
The club failed to meet requirement for two successive years and was initially handed a two-year ban from European club competition last summer – but successfully appealed the sanction.
Last December, Milan were warned that they must break even by June 2021 and had £10 million in prize money withheld by UEFA.
They will now be replaced by Roma while Torino are set to enter the qualifying stage.