Top Italian and European football club, AC Milan have been banned from the Europa League next season by UEFA for breaching financial fair play rules after the club incurred risky levels of debt.
According to a statement by UEFA on Wednesday;“The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two (2) seasons,”
However, Milan in speedy response on Wednesday stated their intention to appeal against the decision.
The club in its official statement stated thus:
“After taking note of the aforementioned ruling, AC Milan has instructed its legal team to appeal the decision before the Court of Arbitration for Sport in Lausanne, seeking for a prompt review of the ruling.”
“AC Milan fully trusts the CAS will hear its arguments and will refrain from commenting further pending the arbitration.”
In the ruling of the adjudicatory chamber of UEFA’s Financial Control Unit announced on Wednesday, adjudicators held that the seven-time European Champions were in breach of “the break-even requirement,” which precludes clubs from taking on debt to fund day-to-day obligations like wages or transfer fees.
This rule, according to UEFA is meant to prevent “the accumulation of losses leading to unmanageable debt.”
The decision makes AC Milan the highest profile club banished from Europe, following Spanish club Malaga, Red Star Belgrade and Turkey’s Galatasaray who were banned for a year in the past for similar violations.