AC Milan has been banned for two years from European competitions for breaching Financial Fair Play regulations.
The (CFCB) took the decision after conducting an investigation into allegations of FFP violations, including failure to comply with the break-even requirement, by Milan.
“The CFCB, chaired by José Narciso da Cunha Rodrigues, has taken a decision in the case of the club AC Milan that had been referred to it by the CFCB Chief Investigator for the breach of the UEFA Club Licensing and Financial Fair Play Regulations, in particular, the break-even requirement,” said the financial control body in a statement.
“The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two seasons (i.e. one competition in 2018-19 or 2019-20, subject to qualification).
“This decision may be appealed to the Court of Arbitration for Sport, in accordance with Article 34(2) of the Procedural rules governing the UEFA Club Financial Control Body, as well as Articles 62 and 63 of the UEFA Statutes.”
The Italian giants were taken over in 2016 and spent over £170m on new players last summer, including Leonardo Bonucci as well as Andre Silva.
Milan finished in sixth place in Serie A last season but will not be allowed to contend in next term’s Europa League except they are successful in appealing against the ruling.
The CFCB has promised to publish a full breakdown of its verdict on the official UEFA website soon.