• Tuesday, May 11, 2021
  • Last Update : 12:12 am

Uefa bans AC Milan from Europa League next season

  • Published at 07:20 pm June 28th, 2018
ac-milan-1530191984887.jpeg
AC Milan

UEFA said Wednesday it had banned AC Milan from the Europa League next season for violating financial fair play rules after the club took on risky levels of debt.  

"The club is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next two (2) seasons," UEFA said in a statement.

The Italian club has already qualified for the Europa League from 2018-2019 so the ban will take effect from then.

However, Milan said later Wednesday that they will appeal against the decision.

"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," said a club statement.

"AC Milan fully trusts the CAS will hear its arguments and will refrain from commenting further pending the arbitration."

UEFA announced last month that the seven-time European champions had failed to convince officials they are financially sound and referred the case to the adjudicatory chamber of its financial control unit to recommend an appropriate punishment.

In their ruling announced Wednesday, adjudicators found that AC Milan was in breach of "the break-even requirement," which bars clubs from taking on debt to fund day-to-day obligations like wages or transfer fees. 

The break-even rule is meant to prevent "the accumulation of losses leading to unmanageable debt," according to UEFA. 

UEFA's concern over AC Milan's stability has risen since it was purchased by Chinese businessman Li Yonghong from Silvio Berlusconi for 740m euros ($918m) in April last year.

The club spent more than 200 million euros on new players in the summer and have a high-interest loan of 300 million euros from US hedge fund Elliott Management.

Milan finished sixth in the Serie A last season and qualified for the second-tier Europa League for a second consecutive season missing out on the money-spinning Champions League.

The decision makes AC Milan the highest profile club banished from Europe, following Spanish club Malaga, Red Star Belgrade and Turkey's Galatasary who were banned for a year in the past for failing to meet financial criteria.

52
Facebook 52
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail