Italian soccer club AC Milan has voluntarily accepted a one-year ban from all European competitions after breaching financial fair-play (FFP) rules saying it was the only option to eventually go back to complying with such rules.
The Serie A giants, who missed out on a Champions League spot by one point to city rivals Inter, are one of several clubs, including Paris Saint-Germain and Manchester City, to have been investigated for breaching Uefa's rules, whereby clubs can not spend more than they generate by their own means.
A statement from CAS read: "AC Milan is excluded from participating in the UEFA Club Competitions of the sporting season 2019/2020 as a outcome of the breach of its FFP break-even obligations during the 2015/2016/2017 and the 2016/2017/2018 monitoring periods".
AC Milan president Paolo Scaroni has spoken of his relief after the club's withdrawal from next season's Europa League was confirmed.
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Under Uefa regulations, any club making losses beyond the permitted limits over a three-year period faces possible sanctions, and in some circumstances, a ban.
Italian giants AC Milan will not play in Europe next season.
The Milanese convinced CAS that the new ownership will be more parsimonious - or at least improve their accounting - under the new ownership of American hedge fund Elliott Management Corporation, which replaced previous owner Li Yonghong and has taken control of the club.
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Under UEFA's rules, clubs are not allowed to make losses of more than 30million euros (£27m) over three seasons, a cap UEFA believed Milan breached between 2015 and 2017 when they spent £200m on transfers, with more spending in 2018, as well. The CFCB Adjudicatory Chamber proceedings were suspended on 5 June 2019 pending AC Milan's appeal to CAS for the years 2015, 2016 and 2017.