UEFA announced the shocking decision on Tuesday, citing that AC Milan would not be able to play in any European competition for the 2018/19 campaign despite qualifying for the Europa League.
Recall that the Italian club spent more than £175million (€200m) on new players last year amid questions over the financial stability of the Chinese-led consortium that purchased the club from Silvio Berlusconi for £600m in April 2017.
But the club will have the right to appeal, but if unsuccessful they will serve the ban and would be eligible to enter again in 2019-20 if they qualify for either the Champions or Europa League.
Here is the statement by UEFA below.
"The Adjudicatory Chamber of the Club Financial Control Body (CFCB), chaired by Jose 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.
"The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two (2) 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.
"Atalanta will qualify straight to the group phase. Fiorentina will enter the preliminary round."
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