Former Italian giants, AC Milan have been suspended from 2019/2020 Europa League after been found guilty of breaching financial fair play [FFP] rules by UEFA, Europe football governing body in conjunction with the Court of Arbitration of Sports [CAS].
This news was announced on Friday, 28 June, by Cas in an open statement which reads:
AC Milan is excluded from participating in the UEFA Club Competitions of the sporting season 2019/2020 as a consequence of the breach of its FFP break-even obligations during the 2015/2016/2017 and the 2016/2017/2018 monitoring periods.
The Adjudicatory Chamber of the UEFA Club Financial Control Body is invited to issue a Procedural Order, acknowledging the outcome of the present arbitration(s) and terminating the AC-01/2019 proceedings relating to the 2016/2017/2018 monitoring period, which have become moot.
AC Milan finished last season fifth, in the Serie A [their domestic league] therefore earning them qualification to Europa League, missing on champions league slot with 1 point however they won't be a part of the Europa league anymore, the Rosoneris have overturned one European Ban last year but will have to accept this one.
A Chinese businessman, Li Yonghong took over complete ownership of AC Milan in 2017 and invested huge sums into transfers and influx of players, though the spending spree proved futile in bringing the seven times European Champions back to the top of world football.
They incurred irregularities in spending then Li Yonghong lost his ownership of the club after failing to repay the loan he took from an American bank to buyout the Italian club.
American Hedge fund organisation called Elliott Management assumed control of the club in 2018, dictating the helm of affairs for the San Siro outfit.
AC Milan has voluntarily accepted the one year expulsion from Europa league in a statement released on Friday afternoon.
The statement reads:
AC Milan remains committed to restoring the Club to its rightful place at the top of European football. Today’s ruling will act as a stimulus to maximize the efforts to become fully compliant with FFP, while at the same time consolidating the competitiveness of the Club, and returning AC Milan to sustainability and a more positive future