Serie A giants AC Milan have withdrawn their participation in the 2019/20 UEFA Europa League campaign following an agreement with UEFA over Financial Fair Play (FFP).
The Court of Arbitration for Sport took to its official website to announce the details of their ruling after the Rossoneri and the European football governing body came to a compromise on FFP regulations.
A statement on CAS' website read as follows:
"The Court of Arbitration for Sport (CAS) has issued a Consent Award embodying the agreement reached between AC Milan S.p.A and the Union of European Football Associations (UEFA) concerning breaches of the UEFA Financial Fair Play Regulations by the Italian club.
"i. The Decision rendered by the Adjudicatory Chamber of the UEFA Club Financial Control Body in the case AC-05/2018 on 20 November 2018 (i.e. decision under appeal in the CAS 2018/A/6083 matter) is set aside.
"ii. The Decision rendered by the Investigatory Chamber of the UEFA Club Financial Control Body on 10 April 2019 (i.e. decision under appeal in the CAS 2018/A/6261 matter) is set aside.
"iii. The decisions referred to under item i) and ii) above are replaced by the following order: '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'.
"iv. 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.
"v. The costs of the proceedings CAS 2018/A/6083 and CAS 2019/A/6261 shall be borne by AC Milan.
"vi. Each Party shall bear its own costs.
"vii. The CAS Award shall be made public."
Serie A club Torino could be set to replace Milan as Italy's third Europa League representative, with AS Roma to be admitted directly to the group stage.