Troubled former Italian footballing giants AC Milan have suffered record losses, according to reports in Italy on Wednesday.
UEFA had accused AC MIlan of violating financial fair play (FFP) regulations over the past three seasons and the Court of Arbitration for Sport (CAS) on Friday ruled in their favour.
AC Milan banned from Europa League: Court of Arbitration for Sport freezes out Italian club over financial fair play violation
AC Milan were banned from European football for next season on Friday over breaches of financial fair play rules, CAS, the top court for sport, announced.
The Court of Arbitration for Sport has overturned an order from UEFA that banned AC Milan from participating in UEFA tournaments for a period of two years, after failing to adhere to Financial Fair Play regulations.
AC Milan have spent a troubled 15 months since they were bought by Chinese businessman Li Yonghong from Silvio Berlusconi in April 2017.
Serie A team AC Milan barred from competing in UEFA tournaments for two years following Financial Fair Play investigation
Serie A team AC Milan has been barred from competing in UEFA events for the next two years after an investigation by UEFA raised doubts over a $348 million debt taken by owner Yonghong Li.
Over the years, football has consistently managed to hold a mirror to contemporary society. It has played a role in shaping conflicts, casualties, conciliation and culture in myriad ways. The ‘beautiful game’ has evolved in tandem with the changing world order while safeguarding remnants of the past. In the process, the sport has gradually become an instrument that can be channelised for mobilisation, unity, devotion and even fanaticism.
AC Milan were sold in April 2017 by former Italian prime minister Silvio Berlusconi to a Chinese-led consortium for €740 million with the use of offshore funds.
Italy election: Gains by populist, far-right parties could result in hung Parliament as anger against immigration dominates polls
A surge for populist and far-right parties in Italy's election could result in a hung Parliament with a right-wing alliance likely to win the most votes but no majority.
Italy elections 2018: Silvio Berlusconi's right-wing coalition set to win most seats but hung Parliament looms large, say exit polls
Media mogul Silvio Berlusconi's right-wing coalition was set to win the most votes but may fall short of a majority in Italy's election, with far-right and populist parties surging ahead, according to exit polls.
Italy went to the polls in one of the country's most uncertain elections ever with far-right and populist parties expected to make major gains and Silvio Berlusconi set to play a leading role as voter turnout heads towards a new low
Silvio Berlusconi, 81 and barred from active politics, eyes one last victory in Italy elections next week
Despite a fraud conviction and sex scandal, Italy's 81-year-old former leader Silvio Berlusconi has one last political victory in his sights in general elections less than two weeks away
AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as "fake news".
After more than 30 years in the hands of Berlusconi, Milan were sold on 13 April last year to a group of Chinese investors led by Li Yonghong.
Italy parliament dissolved ahead of 4 March general elections; prime minister Paolo Gentiloni to remain in office till polls
Italy's President Sergio Mattarella has dissolved parliament as the country prepares for knife-edge general elections on 4 March
AC Milan have confirmed that they splurged over €230 million ($273.29 million) in the transfer window which closed on Thursday in their bid to re-establish themselves as a major force in European football.
Andre Silva often described as "the new Cristiano Ronaldo", is set to undergo a medical in Milan. The 21-year old sensation from Portugal is set to sign for Serie A giants AC Milan.
Less than a year after city rivals Inter Milan were bought by the Suning Group, AC Milan now belong to Rossoneri Sport Investment Lux.
The sale of Italian giants AC Milan has been pushed back three months to March after a request by the Chinese consortium which is taking over.
Italian playwright and actor Dario Fo, who won the Nobel prize for literature in 1997, has died at the age of 90, Prime Minister Matteo Renzi announced Thursday.