AC Milan have been banned from European football for one year.
In a huge blow to the seven-time European Cup winners, the San Siro side were hit by Uefa over persistent breaches of Financial Fair Play rules.
Milan were cited by Uefa for failing to meet their “break-even” requirements which prevent teams losing more than £15m per season over a three year period.
The Serie A giants, now owned by Chinese billionaire Li Yonghong, have been losing tens of millions per year.
And while Milan attempted to convince Uefa officials that the club is financially stable, their pleas went unheard.
Instead, Uefa have announced: “The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two seasons.”
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Milan – who had qualified for the Europa League after finishing sixth in Serie A last term – have the right to appeal to the Lausanne-based Court of Arbitration for Sport.
It seems Milan will be absent from European football until at least the 2020-21 season.